London City Airport could be up for sale
08:00 02 February 2012
London City Airport could be sold next year by its owners Global Infrastructure Partners.
The airport’s new chief executive Declan Collier, who is due to take over in the Spring, has been told to consider options for its sale.
When GIP, in conjunction with AIG, bought the airport in 2006 it paid £742 million. There are suggestions that it would not fetch much more than that in the current economic climate. Industry experts believe, however, that the airport could raise as much as £1.25billion in an upbeat market.
If the new chief executive does back a sale it could still be late next year before it finally goes ahead. Timing is said to be crucial for GIP if it is to realise a profit.
No-one was available at the airport for comment.