(AOF) – Vinci announces that its subsidiary Vinci Airports has signed an agreement for the acquisition of a 20% stake in the concession company of Budapest airport, and that it becomes, through this acquisition, the operator of the platform. The concession has a residual duration of more than 55 years expiring in 2080. With traffic of 16 million passengers in 2019, Budapest Airport is one of the main airports in Central Europe. Vinci Airports will thus display a total of nearly 154 million passengers managed.
Vinci Airports and Corvinus, an investment fund 100% owned by the Hungarian State, have concluded the acquisition of the concession company of Liszt Ferenc International Airport in Budapest from a consortium composed of AviAlliance, Malton and CDPQ .
The amount of the transaction amounts to 3.1 billion euros (equity value), to which is added a net debt of 1.2 billion euros. The site’s 2023 EBITDA amounted to 211 million euros.
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Double penalty for the sector
The French Building Federation (FFB) recently warned of the collapse of the new housing market. Over the first eight months of 2022, sales in the new home market in the diffuse sector collapsed by 26.8% year-on-year. As for sales of new homes in the grouped sector, sales to individuals fell by 17.3% year-on-year in the first half, while sales to institutions fell by 23%. The trend is the same for collective housing sales, down 9.8%.
These bad trends are accompanied by a decline in public investments, while PGE reimbursements begin. Due to a lack of visibility, local authorities prefer to put certain projects on hold. They also have to face a drop in their resources and a significant increase in energy and works costs. However, the largest investments are generally made during the third and fourth years of mandate of communities, that is to say in 2023 and 2024. This therefore represents a significant shortfall for the sector.