Zurich closing Unique cross- border car park lease

Unique, the operator of Zurich international airport, is set to close the first cross-border lease on airport car parks. Macquarie Bank is arranging the transaction, after winning the mandate in autumn 2002. The deal involves four car parks at the city's main international airport, and has a to...

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Bibliographic Details
Published in:Asset Finance International 2003-07, p.1
Format: Article
Language:English
Subjects:
Airport expansion
Airports
Automobile parking
Cross border transactions
Debt financing
Equity
Feasibility studies
Leases
Parks & recreation areas
Private placement
Refinancing
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Summary:Unique, the operator of Zurich international airport, is set to close the first cross-border lease on airport car parks. Macquarie Bank is arranging the transaction, after winning the mandate in autumn 2002. The deal involves four car parks at the city's main international airport, and has a total volume of SFr 400 million. Debt financing in the form of a B-loan has now been secured from a group of international banks, with this stage of the transaction closed on June 23. Debt has been raised in the form of a 10-year loan, with an average maturity of 6.2 years, and Unique has equated the cost of capital on the transaction to 4%. Once equity is brought on board, the NPV benefit will be used to reduce the lease rentals over the period of the transaction, further reducing the all-in cost of capital.
ISSN:1367-8086