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London City Airport sold
London City Airport is to be acquired by a consortium for an undisclosed sum.
Reports had suggested the deal for the Docklands airport could be as high as £750 million.
All the airport would say was: “Although the value of the transaction has not been disclosed, it is understood it reflects confidence in the airport’s development potential.”
A “definitive agreement” has been signed with a consortium comprising US insurance and financial servics group AIG Financial Products Corporation and Global Infrastructure Partners, a joint venture between Credit Suisse and GE Infrastructure.
The sale process attracted “significant word wide interest” after owner Dermot Desmond put the airport up for sale in May.
The deal is subject to EU merger clearance but is expected to be completed next month.
A statement said: “London City Airport understands that its new owners plan to work closely with the existing management team to maximise the development and future vlaue for the airport.”
Desmond acquired London City from developer Mowlem for £23.5 million 11 years ago.
Report by Phil Davies
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