A joint venture (JV) of Fraport and TAV Airports Holding has placed the best bid of $8.21bn (€7.25bn) to extend its operating concession for Antalya Airport (AYT) in Turkey by 25 years.

The JV’s existing contract to operate Antalya Airport expires at the end of 2026. With the latest win, it will be able to run the airport until 2051.

Fraport CEO Dr Stefan Schulte said: “We delivered a convincing bid backed by our many years of successfully operating and developing Antalya Airport as one of the world’s premier tourism hubs.

“Together with our partner TAV, we look forward to continuing this dedication to customer service, innovation and operational excellence in the decades to come.”

The Fraport-TAV JV has committed an investment of nearly $867m (€765m) to grow the airport’s annual capacity to 80 million passengers.

It will be required to complete infrastructure projects before the start of the operational period of the new concession.

The JV will be responsible for completing the domestic terminal and Terminal 2 expansion, as well as creating new facilities at the airport for VIP/CIP passengers.

The signing of the new contract is anticipated in the first quarter of next year, subject to the approval of Turkish competition and airport authorities.

Additionally, the JV is required to pay 25% of the bidding price within 90 days after the closing of the concession contract.

It will be responsible for the operations of the passenger terminals as well as ‘landside’ infrastructure including retail areas, public parking, and passenger screening.

TAV Airports president and CEO Sani Şener said: “We plan to begin the investment to realise the necessary capacity increase in the airport at the earliest possible time.”