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Largest PPP infrastructure project in Germany: CMS advises on financing of A3 project

26/06/2020

Cologne – The finance agreements for the PPP infrastructure project "Availability model A3 motorway, Biebelried junction – Fürth/Erlangen junction" ("V-Model") have been signed. At the beginning of the year, A3 Nordbayern GmbH & Co. KG, a joint venture between Eiffage S.A. and JOHANN BUNTE Bauunternehmung GmbH & Co. KG, was awarded the contract for the project by the Federal Republic of Germany, represented by the Motorway Directorate for Northern Bavaria. The total value of the project is around EUR 1.5 billion, with the financing requirement being approximately EUR 1.2 billion of that figure.

A CMS team headed by lead partner Dr Christian Scherer-Leydecker acted as funders legal advisor, advising the consortium of banks on all legal aspects of reviewing the project agreements and financing the project. The consortium consists of EIB, DekaBank, DZ Bank, Helaba, KfW IPEX-Bank, LBBW, MEAG and MUFG, with KfW IPEX-Bank acting as agent. A particular challenge was to conclude the agreements successfully under the difficult circumstances posed by the coronavirus crisis.

The A3 project is the largest PPP motorway infrastructure project ever to be commissioned in Germany. It comprises the planning, widening from four to six lanes, operation and maintenance of the A3 motorway section between the Biebelried and Fürth/Erlangen junctions, a distance of roughly 76 km. The project also includes pro rata financing of the work. Widening of the motorway is scheduled for completion in November 2025.

CMS Germany

Dr Christian Scherer-Leydecker, Lead Partner
Dr Thorsten Schätzlein, Partner
Yves Steingrüber, Associate, all Real Estate & Public
Dr Marc Riede, Partner
Dr Kerstin Block, Partner, Joint Leads on Financing
Philipp Melzer, Partner
Carl Werner, Counsel
Dr Christian J. Schneiders, Associate
Christian Waschke, Associate, all Banking & Finance

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Christian Scherer-Leydecker
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Thorsten Schätzlein
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Yves Steingrüber
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Marc Riede
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