The Rome-based Atlantia Group is paying around €1.2bn ($1.3bn) for a 60% concession stake to operate Aéroports de la Côte d’Azur (ACA), including Nice, Cannes-Mandelieu and Saint Tropez in a joint venture consortium with EDF Invest (Atlantia 75%/EDF 25%).

 

The French government ranked Atlantia/EDF as the best bidder in the sale tender process for the French state’s 60% interest in the airports until 31 December 2044.

 

In response, Atlantia CEO Giovanni Castellucci described the decision as ‘a thumbs-up’ for the consortium’s business plan.

 

[At the same time, he also preceded any celebrations by offering the ‘deepest sympathies’ of both consortium partners for the recent tragedy in Nice, which cost 84 lives-Ed].

 

 

More happily, Castellucci added: “Nice Airport is a unique asset, serving one of the world’s leading tourist destinations, with strong growth potential in terms of both aviation activities – thanks to constant increases in international passenger numbers, expected to derive partly from the exploitation of new markets, and non-aviation…”.

 

HIGH-SPENDING PASSENGERS…

He said the partners also believe there is a good future for the business during the concession term through to 31 December 2044, thanks to ‘a projected expansion of this type of service offering’, primarily aimed at high-spending passengers.

 

Castellucci continued: “The transaction is a perfect fit with our strategy of growing our involvement in airports with a global reach.

 

“The potential for improved performance, resulting from our ability to bring to bear the industrial know-how acquired in recent years during the successful relaunch of Rome’s Leonardo da Vinci Airport, makes this investment an attractive growth opportunity for the group.

 

 

“We are delighted to have teamed up on this transaction with the EDF group, which will bring its extensive experience as a long-term infrastructure investor and as a partner of choice to the local communities.”

 

ONLY PARISIAN AIRPORTS ARE BIGGER…

With total traffic of around 12m in 2015, Nice is France’s third biggest airport after the Parisian airports of Charles de Gaulle and Orly.

 

Nice recorded a 5.1% increase in passengers between January and June 2016 and currently operates flights to 107 destinations from two runways. EBITDA last year amounted to €104m ($116m) with an EBITDA margin of 42.9%.

 

Retailers who will now report to the new ‘landlord’ will include Aelia Duty Free/LS Travel Retail and Dufry, plus other companies.