“With an investment volume of between €2.5 billion and €3 billion, Terminal 3 will be one of Germany’s largest infrastructure projects,” said Fraport’s CFO, Dr. Matthias Zieschang.
Fraport’s decision is based on studies by two independent research institutes and a recent audit commissioned by the local state government to assess the airport’s future capacity requirements. The current terminal capacity is 64 million passengers per year but the studies forecast that passenger volumes at the Frankfurt hub will rise to between 68 million and 73 million passengers by 2021.
Rather than use a single general contractor for the entire terminal construction, Fraport will instead award targeted multiple contracts to various companies for specific tasks. “This method already proved successful with the new Pier A-Plus at Terminal 1 that was inaugurated in 2012 on schedule and on budget,” said Zieschang. “In addition, this method allows regional companies to offer their expertise and thus to benefit from the construction of the new terminal.”
The new terminal will be in the southern part of the airport. The audit also examined possible alternatives in the northern part of Frankfurt Airport for creating additional terminal capacity. However, the audit confirmed the studies’ conclusions that the most viable solution, from an economic point of view, is to build the first planned phase of the new terminal in the southern part of the airport.
Fraport’s executive board chairman, Dr. Stefan Schulte, said: “We have thoroughly assessed and scrutinised all possible alternatives before deciding in favor of Terminal 3. We are very well aware of our responsibility to our shareholders, our customers, passengers and employees, as well as to the people living in the region. Frankfurt Airport is Germany’s largest place of employment and serves as the ‘Gateway to the World’ for the state of Hesse and Germany as a whole. The new Terminal 3 will underscore this role and thus further strengthen our region. To accommodate the forecast traffic growth, it is now necessary to commence construction for the third terminal during the current year.”
Fraport will soon issue an EU-wide notice and invitation to tender for the first phase of the excavation works on the site of the future Terminal 3. The excavation works are scheduled to start towards the end of the year. The construction period for the terminal is expected to be some seven years, with it becoming operational.