London City sold to Canadian-led consortium
A Canadian-led consortium has bought London City Airport for £2 billion.
The consortium includes pension funds, Borealis Infrastructure, AimCo and Kuwait’s Wren House Infrastructure Management.
It beat off bids from HNA, a Chinese aviation and shipping group, and a rival Canadian group led by pension fund PSP Investments.
However, the price tag has provoked criticism from British Airways, with the CEO of its parent company Willie Walsh warning that if the new owners tried to increase airlines’ fees it would pull most of its services from the airport.
London City was sold by Global Infrastructure Partners, which paid around £750 million for the Docklands’ airport in 2006.
Over the past 10 years it has almost doubled passenger numbers to more than four million. The airport is currently fighting a battle over a proposed £200 million development that would increase the number of passengers to six million by 2023.
The plans were blocked by outgoing Mayor Boris Johnson last year over concerns about noise pollution.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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