DLA Piper has advised the Marguerite Fund on its acquisition of a 10% stake in Fraport Greece, the owner and operator of 14 regional airports in Greece. The stake was sold by Slentel, a company of the Copelouzos Group, which remains a minority shareholder in the company alongside Fraport AG.

This transaction, closed in December 2017, marks the 20th and final investment of the Marguerite Fund that is now fully invested. Fraport Greece represents an attractive opportunity in a portfolio of airports which will invest approximately €400 million to improve and expand the airports’ infrastructure by 2021.

DLA Piper advised on the negotiation and the documentation of the investment agreements, and conducting due diligence on the concession, project and finance documents regarding Fraport Greece and the Project.

London-based Finance & Projects partner, Dimitri Papaefstratiou, who led the team advising, said: "We are delighted to have advised on this acquisition, which will catalyse positive investment into the Greek economy. Tourism is one of Greece's most crucial industries. Looking to the future, activity within this significant sector will bring multiple benefits, at both a national and a regional level, including the creation of employment opportunities."

The London Finance & Projects team was led by partner Dimitri Papaefstratiou, assisted by partner Christopher Baird, of counsel Harry Brunt, senior associate Joseph Lam and associate Charles Orphanides. Greek counsel was provided by Alexiou - Kosmopoulos in Athens.