London City airport 'put up for sale'

London City airport 'put up for sale'

London City Airport is reportedly being put it up for sale by its US-based owner.

Newspaper reports today suggested the airport could fetch up to £2 billion.

Private equity fund Global Infrastructure Partners also owns Gatwick and Edinburgh airports.

GIP head of transport Michael McGhee said the sale was hoped to be completed by the end of the year.

The company acquired the Docklands airport in 2006.

McGhee told the Wall Street Journal: “At the moment, the demand for quality infrastructure assets is high, so we believe it is a good time to sell this particular asset.”

The airport is being sold in its entirety, with Oaktree Capital, the minority stakeholder, also exiting.

London City handled 3.6 million passengers last year, up 8% on 2013.

Ten airlines use the airport, serving more than 40 mainly European destinations.

London City is seeking to expand to raise annual flights from 70,000 to 111,000 in a £200 million investment to raise runway capacity.

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