FG DEPOSITS 28M INTO ESCROW

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The Flacks Group has deposited 28 million

Michael Aubrey Flacks, managing director of Flacks Group, is the only one of the seven suitors that has deposited the necessary 28 million euros –that is, 70% of the installation’s worth- to participate in the bid. The other six aspirants, up to now, have failed to do so. On Monday, seven natural and legal persons sent offers to the Court of First Instance and Instruction Number 4 and the Mercantile Register of Ciudad Real. Among these, Flacks Group is one of the more serious bidders, state sources close to the process. “Not just because it has already made the payment, given that there is still time, but because it has already bought airports in other places”, elaborate the same sources. The investor is the owner of the Cottbus Drewitz airport in Berlin, Germany, which he netted in May 2014 for 875,000 euros. The company is looking to use it in order to create a logistic and industrial hub. Positions: Ciudad Real Airport would be the group’s second aeronautical property, whose portfolio is also presenting residential projects in Germany. Germany is, in fact, the “principal objective” both for the group and for offices in Miami, USA. The company belonging to Flacks, who resides in the Boulevard d’Italie in Montecarlo, Monaco, is based in Luxembourg. Since its installment in the principality, it has only presented anual accounts for the 2010 fiscal year, in which no financial movements are reflected. Katharina von Randow manages the company, a lawyer at the law firm Randow & Hohn Rechtsanwälte & Partner de Bonn, Germany. Future: Although Flack Group has put down a strong bid, the process to determine the new owner of the airport –which cost the taxpayer 1,000 million euros without properly taking off– will be long. Envelopes will be opened next week, and proposals will be sent to the mercantile administrators to be evaluated. It should be remembered that Ciudad Real Central Airport entered into administration in 2009. In July, Chinese group Tzaneen International offered 10,000 euros for the airport’s land; an offer that caused pandemonium both in Spain and abroad. Now, several companies have exceeded this offer and will be presenting more viable economic conditions, state close sources.

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