ICF (NASDAQ:ICFI), a global consulting and digital services provider, announced today that it helped Ferrovial Airports close on the $1.8 billion financing phase of a major terminal redevelopment project at Denver International Airport (DIA). Once built, the “Great Hall Project” will house one of the largest dedicated commercial and retail spaces in a U.S. airport.
For over two years, ICF has served as technical advisor to Ferrovial in its bid to expand, redesign and redevelop DIA’s Jeppeson Terminal. The project involves rebuilding the entire terminal, relocating the security screening area to improve passenger flow and creating an expansive hall that houses retail locations.
“The Great Hall Project has been highly complex from the bidding phase through financial close,” said Ismael Ordonez, project director for Ferrovial Airports. “Throughout the 2 ½ year journey, ICF has supported us with expert technical advice in the preparation of the key elements of the business plan and has contributed to the success of the project each step along the way.”
ICF has supported Ferrovial in each phase of the proposed deal. This includes developing the commercial inputs used to develop Ferrovial’s winning bid, creating the business plan used to negotiate the commercial agreement with the airport, and providing a technical report used to obtain financing.
“The Ferrovial deal is a first-of-its-kind transaction at a U.S. airport,” said Eliot Lees, vice president for ICF. “One of the world-leading consultants in airport privatization, we are proud that we were able to bring ICF’s extensive global experience in airport transaction advisory to support our client’s bid and financial positioning. We congratulate Ferrovial for being one of the first to complete such a groundbreaking deal in a U.S. airport.”
In addition to the redesign, Ferrovial will serve as the commercial operator for the upgraded terminal upon its completion. ICF projects that this airside shopping mall, remote from the concourses, will have revenue performance unlike any other airport in the U.S.
For over 30 years, ICF has provided transaction advisory services to the majority of the world’s largest airport privatization deals. With unmatched insight into carriers' business strategies, ICF is the go-to firm for helping airport executives strategically envision the future, optimize business opportunities and realize value. Read more about ICF’s aviation consulting and airport advisory services.
