5 Dec 2005
Infratil Limited ("Infratil") advises that acquisition of the 90% shareholding in Flughafen Lübeck GmbH ("Lübeck Airport") announced on 25 October 2005 will be completed on 6 December. This follows ratification of the conditional agreement by the Lübeck City Parliament with a strong majority (44 votes in favour, 5 against) and subsequent authorisation by the local authority supervisory body Kommunalaufsicht Schleswig Holstein.
Infratil Airports Europe Chairman Lloyd Morrison said "We are pleased to see Infratil's first investment in continental Europe and are heartened by the strong vote of confidence by the City of Lübeck. Wizz Air's announcement earlier last week to commence a new route from Lübeck to Gdansk in Poland is an excellent early result of our efforts to add value to the airport and region and augurs well for our partnership with the City."
Infratil has funded the initial purchase price, €27 million plus the acquisition from the City of shareholder loans amounting to €10 million, from its existing bank facilities.
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