Keen Dynamics (KDL), the joint venture of financial services company China Everbright (CEL) with Friedmann Pacific Asset Management, has signed an agreement to purchase Tirana International Airport SHPK (TIA) in Albania.

TIA is the concessionary developer as well as operator of the capital airport of Albania, in Europe’s Balkan Peninsula.

The closure of the deal is subject to approval from the Albanian Government.

Keen Dynamics will take over TIA’s airport concession until 2025, with a two-year extension up to 2027.

"We believe that acquisition of the quality asset will create stable cash flow and good investment return to the company and its shareholders."

China Everbright CEO Chen Shuang said: "CEL is in the process of establishing its China Everbright Overseas Infrastructure Fund (COIF) which eyes on global infrastructure opportunities and the acquisition of the Tirana International Airport signs the first move.

"Upon completion of the deal, KDL, a controlled platform of COIF will take complete charge of TIA. CEL and Friedmann Pacific possess long-term business partnership since their collaboration in the investment of China Aircraft Leasing Group.

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By GlobalData

The TIA buy-out is part of China’s strategy to recognise good infrastructure investment opportunities in line with the country’s Belt and Road Initiative.

Shuang added: "The joint investment this time brings together the financial resources and networks from CEL, together with the expertise in sourcing overseas airports from Friedmann Pacific, which results in a great synergy.

"Also, we believe that acquisition of the quality asset will create stable cash flow and good investment return to the company and its shareholders."

The passenger number at Tirana International Airport increased from 600,000 in 2005 to two million in 2015.