October 14, 2015 / 10:46 AM / 3 years ago

UPDATE 1-Germany's Fraport renews offer for Greek airports lease

* Fraport to lease 14 Greek airports

* Deal expected to be signed by year-end (Adds details)

ATHENS, Oct 14 (Reuters) - Germany’s Fraport is expected to sign a deal by the end of the year to lease 14 Greek regional airports after formally resubmitting its offer, Greece’s privatisations agency said on Wednesday.

The offer for the lease of the airports — one of the biggest Greek privatisations since the start of the debt crisis in 2009 — was expiring this month and Fraport had to renew it for the sale to be completed.

Fraport, named preferred bidder late last year, and its Greek partner, energy firm Copelouzos, agreed to pay a lump sum of 1.2 billion euros ($1.35 billion) and annual rental fees of about 23 million euros for the 40-year lease of airports in popular tourist locations, including Corfu.

It is also expected to invest a total of 1.4 billion euros over the period.

The head of Greece’s privatisation agency Stergios Pitsiorlas told Reuters last month that the Fraport deal will be concluded this year but it would take several months for the concession to start and Greece to receive the money. (Reporting by Karolina Tagaris and Angeliki Koutantou; Editing by Keith Weir)

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