Fraport Greece to Take Over 14 Greek Airports on March 15

German-Greek consortium Fraport Greece will officially take over the management of 14 regional airports in Greece on March 15, an official of the company told Reuters news agency on Wednesday.

The consortium of German transport company Fraport and Slentel (a unit of Greek energy Copelouzos Group) inked a 40-year contract in December 2015 with the Greek state to manage the airports at 14 regions across Greece that include three mainland gateways (Thessaloniki, Aktion, and Kavala) and 11 airports on Greek islands (Chania on Crete, Kefalonia, Kos, Mykonos, Lesvos, Rhodes, Samos, Santorini, Skiathos and Zakynthos).

Τhe 14 regional airports were expected to come under Fraport’s management this month. However, the takeover date was changed due to incomplete implementation of technical requirements.

“Greece and Fraport Greece have agreed that the implementation of the concession agreement is planned for March 15”, a Fraport official told Reuters, speaking on condition of anonymity.

The deal, considered a landmark privatization agreement, consists of an upfront payment of 1.234 billion euros and an annual payment of 22.9 million euros in lease payments for as long as the concession runs.