Spain’s €1 billion worth ‘ghost airport’ sold for €10,000

Ciudad Real airport, one of Spain’s deserted airports, is auctioned for much less than its value

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

A group of international investors won the auction for Spain's Ciudad Real airport with a €10,000 ($10,893) offer, two sources familiar with the matter said, the only bidder for a complex that cost more than €1 billion during the country's boom years.

The group of investors, dubbed Tzaneen International, said in a statement it intended to invest up to €100 million in developing the airport to make it a main entry point for Chinese companies to Europe.

Tzaneen's offer was far below the €40 million base valuation of the airport, which one of the sources said meant any other bidder could step forward with an offer of at least €28 million in the next 20 working days.

The source could not say whether the airport would automatically go to Tzaneen International if no other bidder came forward.

The airport in central Spain, which has a capacity for 2.5 million passengers per year, was built in 2008 to provide an alternative to Madrid's Barajas airport but it went bankrupt in 2010 and closed two years later.

It is one of a handful of ghost airports built during Spain's construction boom that has failed to attract significant numbers of passengers. Castellon airport in eastern Spain was inaugurated in 2011 but has not received a single flight.