Read us | Listen to us | Watch us | Join Live Events | | Live |

Afrikaans Afrikaans Albanian Albanian Amharic Amharic Arabic Arabic Armenian Armenian Azerbaijani Azerbaijani Basque Basque Belarusian Belarusian Bengali Bengali Bosnian Bosnian Bulgarian Bulgarian Cebuano Cebuano Chichewa Chichewa Chinese (Simplified) Chinese (Simplified) Corsican Corsican Croatian Croatian Czech Czech Dutch Dutch English English Esperanto Esperanto Estonian Estonian Filipino Filipino Finnish Finnish French French Frisian Frisian Galician Galician Georgian Georgian German German Greek Greek Gujarati Gujarati Haitian Creole Haitian Creole Hausa Hausa Hawaiian Hawaiian Hebrew Hebrew Hindi Hindi Hmong Hmong Hungarian Hungarian Icelandic Icelandic Igbo Igbo Indonesian Indonesian Italian Italian Japanese Japanese Javanese Javanese Kannada Kannada Kazakh Kazakh Khmer Khmer Korean Korean Kurdish (Kurmanji) Kurdish (Kurmanji) Kyrgyz Kyrgyz Lao Lao Latin Latin Latvian Latvian Lithuanian Lithuanian Luxembourgish Luxembourgish Macedonian Macedonian Malagasy Malagasy Malay Malay Malayalam Malayalam Maltese Maltese Maori Maori Marathi Marathi Mongolian Mongolian Myanmar (Burmese) Myanmar (Burmese) Nepali Nepali Norwegian Norwegian Pashto Pashto Persian Persian Polish Polish Portuguese Portuguese Punjabi Punjabi Romanian Romanian Russian Russian Samoan Samoan Scottish Gaelic Scottish Gaelic Serbian Serbian Sesotho Sesotho Shona Shona Sindhi Sindhi Sinhala Sinhala Slovak Slovak Slovenian Slovenian Somali Somali Spanish Spanish Sudanese Sudanese Swahili Swahili Swedish Swedish Tajik Tajik Tamil Tamil Thai Thai Turkish Turkish Ukrainian Ukrainian Urdu Urdu Uzbek Uzbek Vietnamese Vietnamese Xhosa Xhosa Yiddish Yiddish Zulu Zulu

US owners put London City Airport up for sale

0a1a_125

LONDON, England – London City Airport could fetch £2 billion after being put up for sale by US investment firm Global Infrastructure Partners (GIP), according to reports.

Print Friendly, PDF & Email

LONDON, England – London City Airport could fetch £2 billion after being put up for sale by US investment firm Global Infrastructure Partners (GIP), according to reports.

The owners of the international airport, located in the Royal Docks in Newham, are currently hiring advisers with a view to selling the site within the next few months.

“The market demand for quality airports is very high,” Michael McGhee, director for transport at GIP, told the Financial Times.

GIP owns the majority of London City Airport, holding a 75% stake, but Oaktree Capital, which owns the other 25%, has agreed to the sale, the FT claimed.

GIP also owns 42% of Gatwick Airport and Edinburgh Airport but is not believed to looking to sell those assets.

GIP bought London City Airport in 2006 for around £750 million from Irish businessman Dermot Desmond.

The airport, which was developed by engineering company Mowlem in 1986, boasts a single 1,500 meter runway and due to its proximity to the City, mainly serves business travelers. It handles planes that fly to European destinations such as Amsterdam, Dublin, Madrid and Florence.

It welcomed a record 3.6 million passengers last year, up 8% on 2013.

However, expansion could be difficult. London Mayor Boris Johnson cited noise concerns when he blocked planning permission to increase the size of the site to accommodate 6 million passengers. The airport is awaiting the result of an appeal against that decision.

It is the 15th busiest airport in the UK.

Print Friendly, PDF & Email