Operis has completed the financial model for Hermes Airports Limited for the Larnaka and Pafos International Airports concession. This is the largest construction on the island of Cyprus and now offers world class, state of the art facilities and handles over 7 million passengers a year.
The 25 year concession includes the development of both airports through construction of a new passenger terminal building at each site and other associated infrastructure, including aprons and future expansion. This work commenced immediately following financial close in May 2006 with the new passenger terminal at Pafos opening in November 2008 and at Larnaka in November 2009.
Financing for the project has been provided through EUR 600 million of senior debt facilities, EUR 75 million of mezzanine and subordinated debt facilities and EUR 15 million of an equity injection.
In addition to construction of the financial model , a separate Operis team provided a full model audit including tax and accounting review.