Dentons advises Vinci on PPP concession for Belgradeʼs airport


Dentons has advised Vinci Airports on the 25-year PPP concession in respect of Belgrade’s Nikola Tesla Airport, covering the airportʼs financing, operation, maintenance, and extension, with the planned upgrades expected to raise capacity from 5.3 million passengers per year in 2017 to more than 14 million passengers by 2043, the concessionʼs scheduled end. 

Overall, the project is expected to require an estimated capex of around EUR 380 million, on top of the EUR 501 mln upfront concession fee paid to the Serbian government, according to a press release sent to the Budapest Business Journal.

The airport will serve as Vinci Airportʼs hub in SEE, a new area of operation for the company. The press release says that the project represents a new stage in the companyʼs international expansion.

To complete this transaction, Vinci has raised loans totaling EUR 420 mln and maturing over a maximum of 17 years from four multilateral institutions - IFC (a member of the World Bank Group), the European Bank for Reconstruction and Development, Agence Française de Développement (via its subsidiary Proparco) and DEG (KfW Group), and from six commercial banks: UniCredit, Intesa, Erste, Société Générale, Kommunalkredit and CIC.

The loans will complement the equity that Vinci Airports is investing in the project. The arrangements represent the largest PPP transaction yet conducted in Serbia.


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