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"Berlin airport privatisation project likely to be shelved"
Thursday, April 3, 2003
Berlin airport privatisation project likely to be shelved
(Airport Berlin ist endgultig gescheitert)
Germany - Borsen-Zeitung
In the dispute surrounding the project for a new major airport at
Berlin-Schonefeld, Germany, an amicable agreement now seems possible between
the existing owners of the airport - national government and the regional
governments of Berlin and Brandenburg - on one hand, and an industrial
consortium bidding for the project on the other. In view of the current weak
air transport market, aggravated by conflict in Iraq, the necessary private
sector investment of 1.7bn euros is now seen as being impossible, owing to
conditions which would be demanded by lending banks.
It is believed that this will provide an opportunity for the owners and the
consortium, which is headed by German property company IVG and building
group Hochtief, to part company and shelve airport privatisation plans
without losing face. It is believed that Berlin will remain interested in
the construction of a new major airport, both in order to improve
international flight connections and to create jobs in the region.
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