VINCI concludes financing of new business centre for car rental operators at the Nice Côte d’Azur airport

13 November 2008 - Events - France

•    Nice Côte d’Azur airport is the French market leader in car rental.
•    Works will start 17 November 2008 and take 28 months to complete.
•    The Public-Private Partnership is for 32 years.

Park Azur, a subsidiary of VINCI Concessions, has concluded the financial package for the new business centre for car rental operators at the Nice Côte d’Azur airport, for which the building permit was obtained on 8 August 2008. The total investment will be €45 million.

The financing package comprises senior debt, without recourse against shareholders, of €33 million with a maturity of 28 years. Park Azur will be remunerated by the rent paid by the car rental companies using the new centre.

The 32-year contract is in the form of an authorisation to temporarily occupy publicly owned land with the right to build (an “AOT”), accorded by Société Aéroports de la Côte d’Azur (SAACA). It covers the financing, construction and operation of a 60,000 square metre, three storey building that will meet the needs of the growing business activity of the car rental companies. Nice airport is already, along with Paris-CDG, the French market leader in car rental.

The works will be carried out by a group of local subsidiaries of VINCI Construction France. The architects are Georges Dikansky and Frédéric Génin. The total cost of the works amounts €36 million.

The contract was won by combining the VINCI ’s competencies in concession projects with those of VINCI Airports in airport development combined with the close-knit network of VINCI Construction France subsidiaries in the Provence-Alpes-Côte d’Azur region.

This contract demonstrates the relevance of VINCI’s integrated concession operator-construction company model, as well as the partnership spirit that is the basis for the company’s expansion in airport activities in France.

 

About VINCI
VINCI is a global player in concessions, energy and construction, employing 280,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.