Global Infrastructure Partnership (GIP) purchases Edinburgh Airport
Tuesday, April 24, 2012
Edinburgh Airport is to be sold for £807 million to GIP - the owners of Gatwick Airport and London City Airport.
The Scottish Passenger Agents’ Association, (SPAA), said this was welcome news and that GIP had improved passenger experience at Gatwick Airport since taking over there three years ago.
Another contender for the purchase was a consortium led by infrastructure investor JP Morgan Asset Management. They were ultimately fended off by GIP however.
The deal is expected to be finalised in May.
BAA - one of the largest transport companies in the world - who own six airports in the UK including the largest, London Heathrow, was ordered to sell either Glasgow Airport or Edinburgh Airport.
The Competition Commission ruled that BAA had to sell one of the two airports after ruling that its monopoly of UK airports was anti-competitive. Edinburgh Airport was put up for sale in October last year and the final price was considerably more than was anticipated.
The Global Infrastructure Partnership has an investment pattern of selling its assets on and is expected to keep the acquisition for around 7 years.
Chief executive of BAA, Colin Matthews, said: “Edinburgh Airport and its team have been part of BAA for a long time and we are proud of its achievements… We wish the new owners every success and are confident the airport will continue to flourish… BAA will continue to focus on improving passengers' journeys at Heathrow and its other airports.”
Passenger experience is also a top priority for Stress Free Parking’s Gatwick airport parking operators offering Meet and Greet Gatwick parking services at GIP’s Gatwick Airport.