Nordic Airport Properties (NAP) Public/ Private Partnership Yields Benefits for Global Cargo Customers in Sweden, and across Europe

Joint Venture between Swedish government entity Luftfartsverket (LFV) and Lynxs Group, a GECAS unit, delivering state-of-the-art upgrades and expansion plan… Customers voicing their approval with new, and increased traffic commitments.

 

STOCKHOLM, SWEDEN – February, 14 2008 – Nordic Airport Properties, the joint venture between Swedish government entity LFV and Lynxs Group, a GE Commercial Aviation Services affiliate, has produced plans for both new and renovated state-of-the-art facilities with significant management upgrades.

 

“We’re very pleased to welcome GECAS & Lynxs Group as our new partner in NAP. Given GECAS’ resources and the industry expertise of Lynxs Group, this combination has much to offer NAP and LFV.  This new partnership is off to a very good start with the successful completion of the portfolio refinancing.  We also have the prospect of starting several additional new development projects in the coming months,” said Lars Rekke, Director General of LFV.

 

Currently NAP has a portfolio of nine properties totaling 66,500 meters at the Stockholm, Gothenburg, and Malmo Airports, the three major air cargo gateways of Sweden.   NAP also has a new development pipeline that will add another eight buildings with a combined space of approximately 400,000 square feet over the next 30 months.

 

Recently, NAP assisted in the expansion of Scandinavian Airlines, an existing customer, to another location at the Stockholm Arlanda Airport, a move which includes plans for facility upgrades commensurate with the Lynxs CargoPort design philosophy of maximum operating efficiency.  Stockholm Arlanda Airport is Sweden’s largest airport, and in 2006, was the third largest airport in the Nordic region with 17.5 million passengers and 200,000 metric tonnes of cargo.

 

“It has been an exciting time in the industry as a result of new options for customized cargo handling at the three largest airports in Sweden, and the votes of confidence in those enhancements from the new customers coming on board,” said Roland Olsson, the President & CEO of Nordic Airport Properties (NAP).  With market trends indicating cargo transport out-pacing passenger growth, customers value the joint venture’s ability to uniquely design cargo facilities for all types and volumes of cargo,” Olsson added.

 

Another positive development for NAP is the addition of Swissport International Ltd. as a new customer at Gothenburg Landvetter Airport.  Given a long-standing relationship, Lynxs Group was able to facilitate the introduction of Swissport to NAP.  This led to a long-term lease arrangement for an airside air cargo facility at GOT.  Swissport is the leading service provider in the global ground and cargo handling business with an annual cargo volume of more than three million metric tons.

 

NAP is also planning for a new 100,000 meters on-airport logistics/distribution park at Stockholm Arlanda Airport, catering to the growing needs of third party logistics (3PL) and other freight logistics providers.  Site expansions are also planned for Gothenburg Airport and Malmo Airport, Sweden's third busiest airport.  Stockholm Arlanda experienced a 12.5 percent growth last year according to Roland Olsson of NAP, and over the past two years it also has attracted freighter flights by Cathay Pacific, Korean Air, China Airlines, and Jade Cargo Airlines. 

 

"The market advantage of the joint venture with Lynxs Group in Sweden is a great example of our company's ability to wear dual hats - not only the ability to provide capital, but also actively share development and air cargo marketing experience gained through our global market presence”, said Robert Althuis, a senior vice-president with GECAS and chief investment officer of Lynxs Group.

 

An example of another recent European development project for Lynxs Group is Vienna International Airport (VIE) in Vienna, Austria.   Lynxs has signed a ground lease with the Vienna Airport Authority in order to develop 100,000 square feet of air cargo and logistics facilities with a projected completion date of May 2008.  “There is a lot of positive growth momentum in the European market that Lynxs Group is building on, Sweden is a good example and so is Vienna”, Althuis said, adding that aviation industry growth across Europe has been very strong, driven by underlying economic developments, especially in Central Europe and numerous other Western European countries experiencing solid economic growth.”

 

 

About NAP

Nordic Airport Properties (NAP), a joint venture between LFV and Lynxs Group, a GE Commercial Aviation Services affiliate, has a portfolio of nine properties totalling 66,500 meters at the Stockholm, Gothenburg, and Malmo Airports, the three major air cargo gateways of Sweden.  For more information, visit the company's web site at www.nap.se

 

About Lynxs Group

Lynxs Group, an affiliate of GECAS, is an international air cargo developer with its global headquarters in Austin, Texas.  Other Lynxs projects have included Houston Intercontinental Airport (IAH), Chicago O’Hare (ORD), the Alaska CargoPort at Anchorage (ANC), and the Vienna, Austria Airport (VIE), in addition to facilities in the Miami, Los Angeles, and San Francisco markets.  For more information, visit the company's web site at www.lynxs.com

 

About GECAS

GE Commercial Aviation Services (GECAS), the US and Irish commercial aircraft financing and leasing businesses of GE, has a fleet of 1,450 owned aircraft it leases to more than 230 airlines in some 70 countries, and it manages nearly 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also offers productivity solutions including spare engine leasing and spare parts financing and management. GECAS, a unit of GE Infrastructure, has offices in 28 cities around the world.

 

About LFV

Luftfartsverket (LFV) is a Swedish state enterprise and the national provider of airport services and air navigation services.  LFV owns and manages 16 airports in Sweden, 2 air traffic control centres, and 38 air traffic control towers.  In 2006, LFV’s airports handled 29.6 million passengers, over 400,000 metric tons of air cargo, and approx. 680,000 over-flights.  For more information, visit the company's web site at www.lfv.se

 

Contacts:   Mark Tender, GECAS, 203-357-6978

 

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