Hong Kong-based investment holding and asset management company China Everbright Limited (CEL) has purchased the entire stock issue of Albania’s Tirana International Airport (TIA).

Since 2005 the airport serving the Albanian capital has been in the hands of German, US and Albanian shareholders, who have invested some €70 million ($78 million) to improve facilities.

TIA CEO Rolf Castro-Velasquez said the acquisition by CEL would usher in “an era of transformation” for the airport, which last year had a passenger throughput of just under 2 million.

“The acquisition is a proactive corporate approach to identify good infrastructure investment opportunities,” CEL CEO Chen Shuang said. CEL says that it manages 33 private equity funds and more than $8.7 billion of assets. No price was given for the purchase of TIA.

“With CEL’s support and resources, TIA can further upgrade their facilities and hardware. Also, leveraging CEL’s extensive networks in China, we believe that trading and tourism between the two countries will be further promoted. Therefore, this acquisition is of great significance and value,” Chen said.

Relations between Albania and China were particularly close in the Communist era, with the Tirana regime being unique in Europe in following Beijing, rather than Moscow’s approach to socialism.

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