Infratil bails out of German airport investment

Wellington Airport, one of Infratil's major investments. Photo / Mark Mitchell.

Listed infrastructure investor Infratil has called time on its investment in Lubeck Airport in northern Germany.

Infratil said that on Friday it exercised a put option regarding its 90 per cent shareholding in the airport, and ownership had transferred to the City of Lubeck.

When Infratil bought the shareholding from the city in 2005 it also acquired a 'put option' that allowed it to require the city to buy back the shareholding if passenger numbers failed to reach an agreed threshold, Infratil said.

The exercise price of the put option was about 25.5 million euro, which converted, after existing foreign exchange contracts, to $64m, with payment due early this month.

- NZPA