Flughafen Berlin Brandenburg €2.2 billion refinancing


€ 2.2 billion




  • Airport operator Flughafen Berlin Brandenburg (FBB) has agreed a €2.2 billion refinancing package to enable it to complete construction of the protracted Berlin Brandenburg Airport in Berlin. 
  • The new funds consist of a $1.107 billion shareholder loan, which will be repaid over 20 years, and a €1.1 billion syndicated facility from a consortium of seven banks.
  • The new bank loan will refinance a €1.4 billion facility taken out in 2009. 
  • As FBB is owned by federal states Berlin and Brandenburg, and the Federal Republic of Germany, the shareholder loan and guarantee of the additional debt financing had to be approved by the European Commission to ensure it did not contravene EU state aid rules.
  • The EU ruled the deal was 'made on market terms' (terms that private investors would typically accept) so in compliance with its regulations. 
  • The construction of Berlin's new hub airport, which is intended to replace the ageing Schönefeld and Tegel sites, has been plagued by issues since construction began 10 years ago. 
  • Delays have been caused by the insolvency of a contractor, Imtech Deutschland, corruption claims and the need for new planning applications when facilities did not meet fire safety requirements.   
  • Originally intended to open in 2011, the airport is now expected to be operational next year, although the wait for EU approval has used a six month buffer included in that estimate.  
  • German boutique Lindemann Schwennicke & Partner (Konrad Rusch, Ulrike Römhild, Michael Kurz) represented FBB on negotiations for the financing. 
  • Müller-Wrede & Partner, another German independent, advised FBB on state aid matters. 
  • A team from Gleiss Lutz - Helge Kortz, Eva Reudelhuber and Andreas Kohlheim on finance, Ulrich Soltész on cartel - acted for the lenders.

Ben Naylor - EMEA Editor



Deal type:


Practice area:

Project finance

Governing law:


Industry sectors:

Social infrastructure


Party: KfW IPEX-Bank (Lender)

Party: Norddeutsche Landesbank Girozentrale (Lead arranger)

Party: Investitionsbank Berlin (Lender)

Party: Investitionsbank des Landes Brandenburg (Lender)

Party: Berliner Volksbank (Lender)

Party: Berliner Sparkasse (Lender)

Party: Mittelbrandenburgische Sparkasse Anstalt des öffentlichen Rechts (Lender)

Party: Flughafen Berlin Brandenburg (Project company, Borrower)

Party: Flughafen Berlin Brandenburg (Project company)