Leading global law firm, Baker McKenzie, has advised Hermes Airports Limited on the successful completion of the financing agreements and the commencement of the Phase 2 expansion works at Larnaka and Pafos international airports in Cyprus.
Hermes Airports Limited is the concessionaire under the Public-Private Partnership (PPP) contract for the development and operation of the Larnaka and Pafos international airports. The Phase 2 expansion works are a significant milestone for Hermes Airports, as it aims to enhance the infrastructure and services at both airports. The expansion includes the construction of new facilities, improved passenger amenities, and upgraded operational systems. These developments are expected to boost the airports' capacity, improve passenger experience, and support the long-term growth of Cyprus as a key travel hub in the region.
The cross-practice team provided comprehensive advice on the triggering of the Phase 2 expansion works, including the agreement with the Government of Cyprus, the resolution of outstanding commercial issues, and the design-build contract for the expansion works.
The Baker McKenzie team was led by Banking & Finance Partner, Nick O’Grady, Energy & Infrastructure Senior Counsel, Mike Webster, and Dispute Resolution Partner, Judith Mulholland and also included Finance Partner, Matt Cox, Finance Senior Associate, Tom Hosted, and Corporate Senior Associate, Lesley-Anne Wilson.
Commenting on the deal, Nick O’Grady, said: "This new phase of expansion marks a significant step forward for Hermes Airports and the aviation sector in Cyprus. We are proud to have supported Hermes in navigating the complexities of the financing and construction arrangements for the project and look forward to seeing the positive impact it will have on the region's connectivity and economic development."