London City Airport to be put up for sale

Airport owned by Global Infrastructure Partners set to sell for up to €2bn

Global Infrastructure Partners bought London City Airport for an estimated £750 million in 2006 from Dermot Desmond. Photograph: Eric Luke

Global Infrastructure Partners bought London City Airport for an estimated £750 million in 2006 from Dermot Desmond. Photograph: Eric Luke

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The London airport on the doorstep of the City is to be put up for sale as its US owners look to capitalise on soaring global demand for air travel.

Global Infrastructure Partners, the US fund that also has stakes in London Gatwick and Edinburgh airports, has decided to sell London City Airport.

GIP bought the airport for an estimated £750 million (€1 billion) in 2006 from Dermot Desmond, who had paid £23.5 million for London City in 1995 from Mowlem, the UK construction group.

GIP said it was in the process of appointing advisers with the aim of selling the airport this year. People familiar with the business suggest it could fetch as much as £2 billion.

Just seven miles from London’s traditional business district and even closer to the financial centre at Canary Wharf, London City has become one of the favoured ways to travel by City workers. Almost two-thirds of the airport’s passengers are business travellers.

London City’s chief executive is Declan Collier, former chief executive of Dublin Airport Authority. – (Copyright The Financial Times Limited 2015)

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