LCY up for sale

Dino D'Amore
By Dino D'Amore August 11, 2015 14:45

LCY up for sale

Last week it was confirmed that London City Airport (LCY) was for sale by majority shareholder New York based Global Infrastructure Partners (GIP). LCY, which is 75% owned by GIP with Oaktree Capital holding the remaining 25%, is up for sale at approximately £2bn – a much higher price than it sold for in 2006 at £750m and higher either Gatwick or Stansted secured for Ferrovial.

GIP says that there is a market for large infrastructure units. The timing of the sale has been criticised however since there are still question marks over whether the airport will secure essential planning permission for its much-needed extension or if it will be linked with a Crossrail station.

Dino D'Amore
By Dino D'Amore August 11, 2015 14:45