The Chinese company Shanghai Yiqian Trading acquired the German airport Frankfurt-Hahn. The airport is located on 120 km from Frankfurt and will be under control of the Chinese investors, after they acquired 82.5% from the shares of the airport from the German federal state of Rhineland-Palatinate. The rest 17.5% from the shares are owned by the state of Hesse and will remain under federal control. The financial details of the transaction were not disclosed, but according to specialists it is in “low double-digit million euro range”.
The airport Frankfurt-Hahn is unprofitable from several year, used mostly by low-cost carriers like Irish Ryanair. The airport has annual traffic of 2.7 million passengers, decreasing with every single year. The German government did not include airport Frankfurt-Hahn in its strategic assets for financing and the federal state of Rhineland-Palatinate was forced to sell its shares to foreign investors in case to keep it operational. Frankfurt Hahn caters to both the passenger and cargo markets. Of the cargo operators, Etihad Airways (EY, Abu Dhabi Int’l), NCA – Nippon Cargo Airlines (KZ, Tokyo Narita) and Silk Way West Airlines (7L, Baku) are the most prominent while Ryanair (FR, Dublin Int’l) and Wizz Air (W6, Budapest) form the bulk of its passenger segment.
“The plan is to boost passenger numbers to and from Asia and also increase air freight links from Germany to help meet the growing demand in China for Western products such as meat, which local producers are struggling to keep up with”, said the head of Shanghai Yiqian Trading, Yu Tao Chou. “When it comes to freight, we expect good business from the transportation of food products to Asia”, added he.
Chinese company Shanghai Yiqian Trading specializes in logistics. The company has increasing interests int assets in Western Europe.