News / Price reduced for Ciudad Real airport sale

Price reduced for Ciudad Real airport sale

🕔 March 28, 2014
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Bankruptcy Administrators overseeing the sale of Ciudad Real Airport have reduced the price of the asset in a try to attract more bidders to the auction process.

The price, previously set in €100 million, is now €90 million. The new deadline for the reception of bids for the sale of the airport is April 28th.

The administrators said that there was only one bid for the airport in the previous stage of the process but it didn't comply with the requirements set in the tender documents as it didn't have a 5% bank guarantee. China's HNA Group has also shown interest in the process, however, it didn't submit a bid.

At a press release given earlier, airport managers confirmed that any bids over the sum of €80 million would be considered on the provision that they are secured with a 5% bank guarantee. Further insurances, together with approval from the Ministry of Economy and Competitiveness, would be required if an offer were to be accepted by a non-Spanish investor.

The asset building cost was €1.1 billion (US$1.5 billion). Construction of the airport was heavily funded by the Caja Castilla La Mancha savings bank - the first of Spain's troubled savings banks to be bailed out, in 2010.

Ciudad Real's central airport, located about 150 miles south of Madrid, opened in 2008. The airport's operator went bankrupt last year after it failed to draw enough traffic, becoming known as one of the country's "ghost airports."

Ciudad Real, a city of around 75,000 residents located halfway between Madrid and Cordoba, attracts few visitors and the airport was designed to serve both the Spanish capital and the Andalusian coast which are both less than an hour away by high-speed rail.

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