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A new design for Czech railway stations
EBRD invests in private-sector operator
The EBRD commits to invest €3.8 million in Grandi Stazioni Ceska Republika sro
for up to 40.5 per cent of the company´s shares to support an innovative new
concept for a private-sector company to refurbish, develop and operate three
state-owned railway stations in the Czech Republic.
Following a successful bid, the Italian company Grandi Stazioni SpA signed a
30-year agreement with Czech Railways in December 2003 to refurbish and manage
Prague’s main railway station and the stations of Karlovy Vary and Marianske
Lazne, two well-known tourist and spa towns in Bohemia.
The contract will be implemented by Grandi Stazioni Ceska Republika, in which
the Italian parent will have at least a 51 per cent share and the EBRD up to
40.5 per cent. The remainder will be held by Simest, the Italian
government-owned financial institution. The total capital of the company will
be up to €9.38 million.
The concession agreement includes comprehensive refurbishment works,
especially of Prague Main, which is not only located in the heart of the
capital but also serves as a key link for both domestic and international
traffic. It is expected that civil works will be completed within three years.
Total refurbishment costs at all three stations will be €31.3 million.
This innovative project introduces private-sector involvement in an area
previously under the control of the state railway and should greatly enhance
the return on these assets, said Riccardo Puliti, EBRD Director for Transport.
The Bank´s willingness to provide equity to a private company in a long-term
concession with the state-owned railways sends a strong signal to the market
on the prospects of enhanced profitability of under-utilised railways assets.
An additional important feature of the project is represented by the
transferability of its structure to most of the EBRD’s countries of operation.
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