Ankara-Esenboga Airport Terminal

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In August 2004, the Turkish government awarded an 18-year and eight months build-own-transfer (BOT) contract to Tepe-Akfen Ventures (TAV) to build and operate a new domestic and international terminal at the Ankara Esenboga Airport. TAV was created in 1997 by local firms Tepe Construction(47.5%), Akfen Construction(47.5%) and Austria’s Flughafen Wien (5%). From its creation TAV specialized in building and operating airport terminals. The project cost was estimated at $305 million. The project reached financial closure in July 2005 when the bank loans to the project were syndicated. The project received financing from a 12 year $232 million loan from Germany’s HVB Group in November 2004. The loan consisted of $123.5 million in trade financing and $71.5 million to finance the purchase of goods and services for the project. The remaining amount represented $26.5 million in voluntary reserves and $10.5 million in operating capital. TAV, the project company, provided US$65 million as equity. The new terminal at Esenborga Airport was expected to serve around 5.5 million domestic passengers and 4.5 million international passengers per year. A total of 18 bridges were projected for the terminal: 12 for domestic flights and six for international flights. A multi-level car park for 4,000 vehicles was included in the project, providing both open-air and covered parking. Construction on the terminal started on December 2004 using sponsor equity and was expected to take 24 months. In October 2006, TAV completed the construction for the domestic and international terminals at the Ankara Esenboga Airport. The Esenboga airport with the opening of the new terminals reached 10 million passenger capacity. None TAV invested $250 million in the construction of the new terminals.