Work to create a 16-hectare airport city at Berlin Brandenburg International Airport, featuring car hire and parking facilities, an office complex and 4-star hotel began today (September 28).

Set to be completed by June 2012, in time for the opening of the new airport, the Baubeginn Airport City complex will feature four multi-storey car parks with space for 10,000 vehicles, a car hire facility, 24,000sqm of office space developed by Fay Projects and associated facilities.

One exclusive multi-storey car park will be built directly to the south of the new terminal building, while a further three multi-storey car parks will be located inside the airport city, offering optimum convenience and everything within a short distance. The terminal will be just a few minutes by foot from the airport city thanks to a feeder level.

A $240 million 4-star hotel and related facilities will be developed by Frankfurt-based Steigenberger Hotels AG, offering 322 rooms, including 27 suites and nine conference and function rooms in a 1,500sqm dedicated space, which will also boast international cuisine and a spacious spa area.

Holger Würk, managing director of Deutsche Anlagen-Leasing GmbH & Co. KG (DAL), the company leasing the multi-storey car parks said: "The realisation of these third-party investments truly underlines the economic importance of the airport. Otherwise, it would not have been possible for us, as an investor, to sell the idea of this project to financing partners within the space of a few weeks.

"A project that considerably relies on the properties to be developed and the achievable cash flows as collateral rather than the equity capital provided by the airport or its shareholders, state guarantees or other additional securities. This is something we, and the financing banks, do only if we believe in the project and its economic importance," he added.

Dr. Manfred A. Körtgen, COO of Berlin Airports said: "We are building the airport city together with our partners. Right at the heart of the new airport, an urbane new service complex will be built in time for the opening of BBI. We have designed the airport city in line with the airport's concept of having everything within a short distance. The fact that Deutsche Anlagen-Leasing has invested €240 million in this project highlights the appeal of BBI as a business location. Further investors are more than welcome."

By Oliver Clark