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Asia Today ISSN 1861-4604 Tuesday, February 20, 2018

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Canada-Kuwait consortium buying London City Airport

The consortium announced that it had signed an agreement

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LONDON, U.K. - A consortium of international infrastructure investors has decided to buy 100 percent of London City Airport from current owner Global Infrastructure Partners (GIP) and Highstar Capital.> Big News Network

The consortium consists of Alberta Investment Management Corporation, on behalf of its clients, OMERS, Ontario Teachers’ Pension Plan (OTPP) and Wren House Infrastructure Management Limited (Wren House), the infrastructure investing arm of the Kuwait Investment Authority.

Since the acquisition of its controlling stake by Global Infrastructure Partners (GIP) in 2006, London City Airport reportedly successfully grew passenger numbers from 2 million in 2005 to 4.3 million in 2015, with an 18.3 percent increase in the last year alone.

The consortium announced that it had signed an agreement to acquire the company that owns and operates London City Airport. It was further announced that GIP, that also owns London Gatwick and Edinburgh Airport in Scotland are not involved in the sale. GIP however did not reveal the financial details of the sale.

The future owners, Canadian and Kuwaiti investors have said that the London City Airport is the closest air hub to the financial capital of Europe. The airport mostly serves European routes, although flights also run to New York.

In the announcement, a spokesperson for the Consortium said, “London City Airport is a premium infrastructure company, operating in a very attractive market. We look forward to working closely with the airport’s strong management team to achieve the business’s full long-term potential. Our investment and support will foster a mutually beneficial relationship between the airport and its airlines, passengers and employees, while ensuring a positive economic impact for all of London and the local community, in particular.”

The development plans for the airport, which include the construction of a new taxiway for aircraft is aimed to raise the hub’s capacity to 6.5 million passengers a year by 2023.

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