A Consortium comprised of Ontario Teachers, Borealis and Aimco pension funds from Canada and Kuwait’s Wren House have announced today a purchasing agreement to acquire Global Infrastructure Partners (GIP), main owner and operator of London City Airport.
The Consortium already owns Belfast International Airport, Birmingham, Bristol, Brussels and Copenhagen Airports. As part of this new investment, the group intends to “develop existing and new airline relationships and routes, improving the airport’s customer service, and generating opportunities for new and existing employees.”
GIP acquired its 75% interest in London City Airport through two successive transactions in 2006 and 2008. Since then, the airport located at the London Borough of Newham, has successfully grown traffic numbers from 2 million passengers in 2005 to 4.3 million in 2015, a rise of 18% compared to 2014.
But with success comes problems. The airport is currently fighting over a proposed City Airport Development Program (CADP), which would allow the extension of the terminal and ramp to provide additional capacity. According to the plan, this would allow the increase of air traffic movements from 70,000 flights a year to 120,000 by 2023.
“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” a spokesperson for the Consortium said.
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