Experience

Ferihegy Airport in Budapest, Hungary - ADC, in an equal joint venture with Aeroports de Montreal, was the concessionaire, developer and operator of the $130 million project at Budapest Airport which included the design and construction of a new passenger terminal facility and the renovation of the existing terminal. This was the first airport PPP in a former iron-curtain country. The renovation included the improvement and upgrading of apron, taxiways, roads, bridges and other infrastructure. The terminals handled 4.7 million passengers in 2001. The concession commenced in 1997 and was expropriated without just cause by the Hungarian government in 2002. Subsequently, in December 2005, the Hungarian Government sold the 75 year concession for a price of $2.2 billion. In October 2006, the Tribunal of International Centre for Settlement of Investment Dispute ("ICSID") determined that the expropriation was unlawful and awarded the ADC/Aeroports de Montreal joint venture $84 million, which was paid by the Hungarian Government.