HNA Group has announced that it has completed the acquisition of an 82.5% equity interest in Frankfurt-Hahn Airport from the state of Rhineland-Palatinate.

“We are pleased to complete the acquisition of Frankfurt-Hahn Airport, which we believe will accelerate the growth of our airport and airport services businesses,” HNA said in a statement. “We believe the airport can become a leading hub of commerce between China and Europe in support of China’s One Belt, One Road initiative. Today’s closing marks the start of an exciting new chapter in Frankfurt-Hahn Airport’s history, and we are eager to be true partners in making that future a resounding success.”

Photo: Mmkay/Wikipedia

HNA was able to acquire the loss-making airport for only 15.1 million euros (US$17.75 million). The airport is located in the German state of Rhineland-Palatine (rather than the state of Hessen in which Frankfurt is located), and is currently serving 53 passenger and freight routes. The airport has been struggling in recent years, partly because it lacks rail connections, but has the potential to serve five million passengers annually.