Infratil has sold its 90% stake in Luebeck Airport back to the German city, because of poor patronage.
The Wellington-based utilities investor paid $23 million for its stake in the loss making airport in 2005, with the north German city holding the remaining 10% stake.
Only about 750,000 thousand passengers travelled through the airport in 2008, below the 1.2 million threshold that triggered a put option, requiring the German city to reacquire the shares.
Infratil executive Paul Ridley-Smith says the company made the purchase as a development prospect.
He says the $64m from the sale will be used to pay down existing debt.
