London Heathrow Airport is to invest an additional £650m (US$810m) in developing infrastructure over the course of 2019, it revealed today (March 30 ).
With the UK set to leave the European Union in 2019, the planned investment will look to further improve the passenger experience and boost Heathrow’s operational resilience. Initial plans for the new investment include enabling works for the expansion of Terminal 2 and planning works for a new southern access tunnel for the Central Terminal Area.
London Heathrow’s shareholders have more than US$1tn of funds under management and include UK pension fund Universities Superannuation Scheme (10%), Spanish construction firm Ferrovial (25%), national wealth fund Qatar Investment Authority (20%), and pension fund Caisse de dépôt et placement du Québec (CDPQ) (12.6%), as well as invest firms GIC (11.2%), Alinda Capital Partners of the United States (11.2%), and China Investment Corporation (10%).
Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority, said, “Our investment in Heathrow is much more than just an investment in one of the world’s great airports – it’s an investment in Britain’s connections to the world. As the UK reshapes its role in the world, we confirm our commitment as proud partners of a great trading nation.”
John Holland-Kaye, CEO of London Heathrow, said, “The planned investment is great news for Heathrow passengers and for Britain – it will help us build on our success as passengers’ Best Airport in Western Europe and further improve resilience at the nation’s hub.”