GMR-led consortium, Istanbul Sabiha Gokcen International Airport Investment Development and Operations Inc, (ISGIA), which recently won a tender to operate and develop what is slated to become Turkey's leading international airport, has secured a project loan of around $527 million to develop new facilities at ISGIA.
The debt financing was arranged and underwritten by ABN AMRO and Yapi ve Kredi Bankasi AS and was negotiated by GMR's International Business Division - GMR IBD.
The terms of the debt financing include a five year grace period with repayments based primarily on the cash flows generated by ISGIA. The terms allow prepayment without a premium. The GMR-IBD office is led by London-based CEO, Ranjit Murugason.
Passenger traffic through Sabiha Gökçen International Airport has increased by an average of 80% per annum between 2000 and 2007.
The project includes a new 320,000 square meter international terminal expected to be completed by the end of 2009 with capacity to handle 10 million passengers per year. It will have 96 check-in points, 30 online check-in points, a total of 32 x-ray units and a 3,700 square meter, two - storey VIP terminal.
There will also be a three - storey car park with a capacity for about 4,750 vehicles.
A hotel with 60 rooms, adjacent to the terminal, will also be built for flight crews, transit and other passengers.
Turkish prime minister Recep Tayyip Erdogan performed the ground breaking for the new terminal this year on 5 May 2008.
In addition to the construction of the new terminal, the domestic arrivals terminal is also being expanded and two baggage carousels are being added. The cargo carriers, through new agreements, will be offering additional services from ISGIA.
The warehousing facilities and operations will also be improved.
GMR Infrastructure Ltd is a leading investor in infrastructure projects in India. The company intends to broaden its geographic investment horizon into Europe, and globally, through the GMR International Business Division, headquartered in London.