Symbolic of the economic mess in Spain, an airport that cost more than EUR 1 billion to build in 2008 could sell for just USD 14,000.
Situation around 230 kms south of Madrid, the Ciudad Real airport was built during the pre-2008 construction frenzy which eventually led to the crash of the Spanish economy.
The Ciudad Real, in the central Castilla-La Mancha region, was designed to act as a magnet for low cost airlines flying into the country. However, dwindling passenger interest and an expansion of Madrid’s Barajas airport, ensured its closure in 2011.
The airport was put on sale at an asking price of EUR 80 million but with the sale expiring on July 10, the promoters allowed lower offers to be made.
Sensing an opportunity, a group of British and Asian investors formed a group Tzaneen International came together to snap up the airport for USD 14,000; it was the only bidder.
The deal will include the runway, hangars, the ATC and other buildings. The terminal and parking facilities were not part of the sale.
However, a commercial court has kept the deal on hold in the hope that the airport may attract bigger offers.
As per reports, Tzaneen International aims to invest around USD 125 million to turn the Ciudad Real Central Airport into a logistics hub for Chinese companies doing business in Europe.