London City airport is now up for saleCreate Topic


Home Forums Air Travel Airports London City airport is now up for sale

This topic contains 1 reply, has 1 voice, and was last updated by  AMcWhirter 2 years, 1 month ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #450789

    Anonymous
    #450790

    AMcWhirter
    Participant

    According to tonight’s ft.com, GIP (a US fund) has decided to sell London City airport (LCY) which it has owned since 2006.

    “People familiar with the business suggest it could fetch as much as £2 billion” says the FT. A price of £2 billion would be 60 x EBITDA.

    “GIP acquired LCY for an estimated £750 million in 2006 from Dermot Desmond, the Irish financier, who paid just £23.5 million for LCY in 1995 from Mowlem, the UK construction group.”

    “Passenger numbers at LCY have doubled from 2 million in 2005 to an estimated 4.1 million this year.”

    But LCY’s price tag might be limited because its expansion plans which, although initially approved by Newham Council, were later blocked by London mayor Boris Johnson as Business Traveller reported (see Online News, March 27, 2015).

    http://www.businesstraveller.com/news/101503/mayor-blocks-london-city-airport-expansion

    Link to the FT piece. Paywall applies.

    http://www.ft.com/cms/s/0/458eba88-3b8f-11e5-bbd1-b37bc06f590c.html#axzz3hy9B1mOU

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.