On 29 November 2007, the Nice Côte d’Azur Chamber of Commerce and Industry and Vinci Concessions signed a public-private partnership (PPP) concerning the future car hire business area at Nice-Côte d’Azur Airport. 
 
The PPP relates to the financing, construction and running of a 60,000 sq. m. building on 3 floors to satisfy the growing needs of the car hire business at Nice-Côte d’Azur Airport, which already occupies first place on the French car hire market on an equal footing with Roissy-Charles de Gaulle Airport. The project will involve a total investment of around € 45 million for some 2,500 spaces. The works are to commence at the beginning of 2008 and are due to last for 28 months.  

The PPP takes the form of an agreement for temporary occupation of public property for a term of 32 years, conferring rights in rem on Park Azur, the project company incorporated by the Vinci Group. The transaction has been structured according to the non-recourse project finance standards. Finance will be provided in the form of a 30 year loan. It will be repaid out of the rents paid by the care hire companies using the future car hire business area.  

This transaction forms part of the French airport sector restructuring process which will be marked in the coming months by the grant of the Beauvais Airport concession, the building of the new “Nantes Grand Ouest” Airport (Notre-Dame-des-Landes) and the offering of shares in the major regional airports to the public.  

Gide Loyrette Nouel (Thomas Courtel) advised the Nice Côte d’Azur Chamber of Commerce and Industry in connection with the detailed preparations of the PPP.