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| Hochtief takes over operative business at Budapest Airport  A consortium led by Hochtief AirPort GmbH (HTA) has acquired all the shares of Budapest Airport Zrt. previously held by BAA Ltd. A purchase contract to this effect was signed on May 9, 2007. Following the financial close of the transaction, operational responsibility for the airport was transferred to the new owners. At the same time, a change in the top management took place: for the time being, the airport company will be headed by Dr. Reinhard Kalenda, CEO of Hochtief AirPort. Dimitrios Gatsonis, up to now Director Aviation at HTA, has been appointed Deputy CEO.In addition to Hochtief AirPort (49.666 percent), the consortium comprises the financial investors Caisse de dépôt et placement du Québec, Montreal (23.167 percent), GIC Special Investments, Singapore (23.167 percent), and KfW IPEX-Bank, Frankfurt (4.0 percent). The consortium will focus on further expanding and modernizing the airport. The goal is to strengthen its position as one of the leading airports in Central and Eastern Europe. Extensive investment, which in the next five years alone will amount to EUR 261 million, is a constituent element of the concession agreement concluded with the Hungarian state. The Hungarian state will retain the remaining 25 percent of the airport's stock. The concession agreement lasts until 2080. write your comments about the article :: © 2007 Construction News :: home page |