Cornelius Vanderbilt Capital Management in Refinancing Talks to Provide 5.7-Billion Euro Loan Facility for Turkey’s Istanbul Airport

Cornelius Vanderbilt Capital Management Ltd. is in talks with investment bankers to refinance 5.7 billion euros of existing loans for the operator of Turkey’s Istanbul airport.

The new airport can handle 90-million passengers a year in its current phase of development. It will have the capacity to serve 200-million passengers annually after all four construction phases and six runways are completed, currently scheduled by 2028. Once the airport is fully operational, it will be the world’s largest in total passenger volume and home to more than 100 airlines flying to over 300 destinations around the world.

“We are excited to be part of this refinancing, as we can only see Turkey growing. We feel comfortable that current cash flow and decreasing construction costs support the refinancing and are pleased to have been approached to secure new debt and equity for the airport’s operating company,” said Demetrios Galanis, managing partner with Cornelius Vanderbilt Capital Management.

Already seen as the new center of aviation rising from the outskirts of Turkey's most populous city and perched firmly on the shores of the Black Sea, the new Istanbul airport was officially opened in a grand ceremony on Oct. 29, 2018.