Kastrati Group, the biggest group in Albania, has bought the concession of Tirana International Airport, with a value of 71 million euro, from the Chinese “Real Fortress Private Limited”. The deal will make Kastrati the only owner of the only airport of Albania, since they bought 100% of the shares from the Chinese company. According to the contract, Kastrati will deliver the payments in two rounds, the first payment will be on the sum of 15 million euro, while the second payment will be 56 million euro, plus the amount equal to the Cash Adjusted Balance.
The concession holder of the airport “Real Fortress Private Limited”, which owns 100% of the shares of TIA, bought the shares for 82.25 million euro in 2016. In exchange of removing its exclusivity status, as being the only airport in the country, TIA got the concession extended until 2027. If the Vlora Airport will become functional before 2027, the concession will be extended according to the rules for two and a half more years as well.
While in 2019 Tirana Airport one of the most profitable enterprises in the country, this year it was hit hard due to COVID-19 restrictions, losing from January to October, around 60% of its annual passengers. “Kastrati”‘ group’s annual turnover in 2019 approached 730 million euros, making it the best ever year for the company, with an increase of revenues of 5% from 2018.
