In 2008, we invested in a McEvaddy led syndicate which had an interest in development lands at Schönefeld adjacent to the new Willy Brandt Airport in Berlin. An additional investment of €7.1m was made in late 2017 and the group’s stake now stands at 61.4%. At a total investment cost to date of €26.8m, it is the third largest investment by the Group.
While completion of the new airport has been delayed, the Supervisory Board of Berlin Brandenburg Airport Gmbh completed a detailed review in December 2017 and announced that the airport will open in October 2020. Interest among developers in the adjacent lands to the airport is significant and market sentiment around our development lands is positive.
The new airport is expected to operate at passanger numbers in excess of 30 million passengers per year and can be expanded to accommodate up to 45 million passengers. Underground rail and full motorway connections to the new facility are complete.