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Business

Hochtief to Operate Albanian Airport

German construction giant Hochtief said Friday that a consortium led by its Hochtief AirPort subsidiary had won the concession to operate Albania's Mother Teresa International Airport in Tirana. Hochtief said that its Tirana Airport Partners consortium -- which alongside Hochtief AirPort also included the Albanian American Enterprise Fund and the German investment and development group DEG -- would take over the running of the state airport for a period of 20 years. A corresponding agreement was signed by the Albanian government and the consortium in Tirana on Friday. The deal now had to be ratified by the Albanian parliament and the airport was expected to go over to private management as early as the winter, Hochtief said. Financial details were not disclosed but the consortium, which Hochtief AirPort holds a 47-percent stake in, will pocket all the income from the airport and pay a commission fee to the state, the statement read. Tirana is the fifth airport holding for Hochtief AirPort after Athens, Düsseldorf, Hamburg and Sydney.