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London City Airport sold for US$2.8bn

Alberta Investment Management Corporation (AIMCo) has purchased London City Airport for £2bn (US$2.8bn) on behalf of its client OMERS, a consortium comprised of Ontario Teachers’ Pension Plan and Wren House Infrastructure Management Limited, 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 has successfully grown passenger numbers from two million in 2005 to 4.3 million in 2015, with an 18.3% increase in the last year alone.

Declan Collier, CEO, London City Airport said, “I’m delighted to welcome the consortium as the new owners of the only airport actually in London. London City Airport is a successful business with huge opportunities for growth – opportunities that will create jobs, generate more benefit for the UK economy and build new connections to and from London to commercial centers around the world.

“GIP’s ownership has turned the airport into the award-winning and record-breaking business that it is today, and I look forward to working with the new shareholders, as responsible, long-term investors, to build on that success for the future.”

Working together with management and local authorities, the consortium will support the enhancement of facilities and build on the airport’s successful track record. As part of its investment, over the long-term, the consortium will develop existing and new airline relationships and routes, improve the airport’s customer service, and generate opportunities for new and existing employees.

The consortium has proven experience as long-term owners and operators of UK and European airports, as evidenced by selected members’ current ownership of Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport, and historical investments in Rome Airport and Sydney Airport.

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.”

February 26, 2016


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