Thu, 06 Aug 2015 | BUSINESS SALE
London City Airport is to be put up for sale by its US owners with the price rumoured to be around £2 billion.
US fund Global Infrastructure Partners (GIP) currently own the business, along with stakes in London Gatwick and Edinburgh airports but they have decided to sell City in a bid to capitalise on particularly high demand for air travel.
A sale of £2 billion would be a healthy profit for the fund, which bought the airport for £750 million in 2006.
Michael McGhee, director for transport at GIP, told the Financial Times that he believes the time is right for a sale: “The market demand for quality airports is very high.”
He did however insist that there are no plans in place within the group for the sale of its other holdings in Gatwick or Edinburgh.
London City Airport is located just seven miles from the capital's traditional business district and is even closer to Canary Wharf, making it a favoured airport for business travel. In fact two-thirds of the airport's passengers are business travellers.
It has seen passenger numbers double over the past decade from 2 million in 2005 to over 4 million this year.
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