29 FEBRUARY 2016
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The Alberta Investment Management Corporation, on behalf of its clients, Ontario Teachers' Pension Plan and the infrastructure investing arm of the Kuwait Investment Authority (Wren House Ltd), has confirmed it has signed an agreement to acquire the company that owns and operates London City Airport.
Financial details of the transaction have not been disclosed although a price of around £2bn is rumoured. The present owner Global Infrastructure Partners acquired the airport in 2006 for it is said £750m. The airport has successfully grown passenger numbers from 2m in 2005 to 4.3m in 2015, with an 18.3% increase in the last year alone.
At the present time the airport is seeking planning permission for a development of new eastern gates, aircraft parking and taxiway development. Increased aircraft movement is already approved. The airport is also promoting the introduction of a Silvertown/London City railway station for Crossrail which runs within 125 yards of an entrance. This will reduce the probability of severe congestion, noise and pollution on the 1.5 mile journey between the Custom House/Excel station and the airport.
The Consortium also owns Belfast, Birmingham, Bristol, Brussels and Copenhagen airports and made it clear that it intends to work closely with the airport's current management team to achieve the full long-term potential. www.londoncityairport.com
All comments are filtered to exclude any excesses but the Editor does not have to agree with what is being said. 100 words maximum
David Bentley, Manchester/UK
The 'consortium' doesn't own those airports; each are individually owned or part-owned by one of the members, and in the case of both Belfast airports, not at all.