The HNA Group has completed an 82.5 per cent stake purchase in Frankfurt-Hahn Airport as its moves forward with its European expansion.
The transaction is worth €15.1 million ($15.8 million). The Chinese company won the stake in March, which was owned by the gateway’s federal state owners Rhineland Palatinate following European regulatory approval.
HNA Group said the company has received subsidies, including €25.3 million which has been approved by the European Union for the deal.
Media report also claim the HNA Group also plans to bid for the 25-year right to control Belgrade Airport. It already operates 13 domestic airports in China including Haikou Meilan International, Sanya Phoenix International, Yichang Sanxia and Anqing Tianzhushan.
In the first half of 2017, Frankfurt-Hahn Airport saw a strong increase in its cargo business – as it recorded record growth of more than 50 per cent.
The German gateway handled 49,000 tonnes of freight from January to June – a gain of 52 per cent compared with the first six months of 2016. In June alone, the airport reports 8,670 tonnes, a rise of 101 per cent compared to June 2016.
