Thursday 6 August 2015

London City Airport up for sale at $3.1 bn

Local media reported on Thursday that the City
Airport, which serves London’s financial district,
has been put up for sale and expected to fetch
up to 3.1 billion dollars.

The report said U.S.-based investment fund
Global Infrastructure Partners (GIP), which owns
75 per cent of the airport, has hired advisers to
sell it before the end of 2015.
Michael McGhee, GIP’s Director of Transport,
said the market demand for quality airports was
very high. He said Oaktree Capital, which owned
the remaining 25 per cent of the airport, has also
agreed to the sale.
McGhee said the passenger numbers at the
airport doubled from 2 million in 2005 to an
expected 4.1 million in 2015. He said his office
bought the airport for about 750 million pounds in
2006 from Irish financier, Dermot Desmond.
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