Germany-based Fraport AG appears fully satisfied with its massive Greek investment so far, as the latter assumed the management of 14 regional airports around the eastern Mediterranean country last year under a long-term concession won by its majority-owned subsidiary, Fraport Greece.
According to Fraport AG chairman of the executive board Stefan Schulte, a rapid implementation of renovations and upgrades at the 14 airports around Greece is underway, with the subsidiary proceeding with investments worth 400 million euros until 2021.
Beyond the long-term strategy plan to boost passenger traffic and raise revenues, Fraport Greece has completed “window-dressing” measures to improve the airports’ image, such as replacing restroom doors, fielding operational fire-fighting vehicles and even inaugurating wi-fi networks that actually work.
According to DW, the Frankfurt-listed company, which also manages the major airport in the same German metropolis, has already funneled 1.2 billion euros into Greek state coffers – along with its subsidiary partner, Slentel – for the 40-year concession.
Overall passenger traffic for the 14 airports increased by 10 percent to reach 27.6 million, while turnover exceeded 235 million euros. Currently, some 550 people in Greece are employed by Fraport Greece, with the number expected to significantly increase in the near future.
