Government-forced sale of Gatwick fetches US$2.5 billion

Time:2009-10-27 Browse:79 Author:RISINGSUN

GLOBAL Infrastructure Partners (GIP), owners of London city airport and the Port of Great Yarmouth, have bought Gatwick Airport from BAA after the UK Competition Commission demanded it sell one of its airports.
BAA sale price of GBP1.5 billion (US$2.5 billion) for the second largest airport in the UK will eliminate BAA debt and allow it to focus on improving Heathrow and its remaining Stansted, Glasgow and Edinburgh airports. From this sum GBP55 million depends on traffic performance, said the UK`s International Freighting Weekly.
The completion of the sale is set for December and (GIP) has made a pledge to update the 51-year old site and expand its northern terminal.
Virgin Atlantic spokesman Paul Charles said the change in ownership was welcome, said a report in the Guardian.
"For years, the airport has suffered from a lack of investment and the new owner now needs to work closely with the airline users to turn Gatwick into a world-class facility," he said.