3i assumes formal ownership of George Best Belfast City Airport

Price not disclosed but analysts believe it could be worth more than £100m

“We have a stellar airline portfolio”: Brian Ambrose, chief executive of Belfast City Airport. Photograph: Belfast City Airport/PA Wire

“We have a stellar airline portfolio”: Brian Ambrose, chief executive of Belfast City Airport. Photograph: Belfast City Airport/PA Wire

 

The venture capital company 3i has formally assumed ownership of George Best Belfast City Airport after a multimillion takeover deal cleared all regulatory requirements including approval from the European Commission.

3i acquired the airport as part of a deal, estimated to be worth more than £500 million, that included the acquisition of a portfolio of assets from the EISER Global Infrastructure Fund in the UK, Italy and Spain.

The price tag for Belfast City Airport was not disclosed but industry analysts believe it alone could be worth more than £100 million. It was sold by a previous owner, Ferrovial, for £132.5 million in 2008.

Brian Ambrose, chief executive of Belfast City Airport, which first opened in March 1938, said the arrival of 3i was an “important landmark” for the airport, which he said was enjoying an exciting period of expansion.

“We have a stellar airline portfolio, including blue-chip brands such as KLM, Flyby, British Airways and Aer Lingus, and we are confident of continuing to grow our route network and the profitability of the business in years to come,” Mr Ambrose said.

The airport’s latest owners touched down on the same day Belfast City Airport launched its latest route to Reykjavik with Icelandair.

The airline will operate flights from Belfast City Airport to Reykjavik up to three times a week.

The new Belfast route is operated by Air Iceland Connect on its 72-seat Bombardier Q400 aircraft in a code-sharing partnership with Icelandair.

The airline said the Belfast route will also enable travellers to make connections at Keflavik International Airport to destinations in the US and Canada through Icelandair’s network.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.