Buyers plan modernisation of airport
The sale of Gatwick Airport to a consortium led by Global Infrastructure Partners (GIP) was today (December 4) formally completed.
The sale of Gatwick Airport to a consortium led by Global Infrastructure Partners (GIP) was today (December 4) formally completed.
GIP, which has a 75% share in London City Airport, paid BAA £1.51bn for the UK second largest airport.
The new owners have indicated they plan to modernise an airport used by about 35m people a year and where airlines like British Airways and easyJet have substantial operations.
A spokesman for GIP said it planned to modernise the airport within its existing structure as there is a legal constraint stopping a second runway being built until at least 2019.
He cited queues, for check-in and security, as one area where GIP would be taking action.
At the time the purchase was announced in October, Michael McGhee, the GIP partner who led the acquisition, said: "We will upgrade and modernise Gatwick Airport to transform the experience for both business and leisure passengers.
"We plan to work closely with the airlines to improve performance, as we have done successfully at London City Airport."
Until the sale, BAA owned seven UK airports, including three of the main ones serving London: Heathrow, Gatwick and Stansted.
The company, which is owned by Spanish conglomerate Ferrovial, was ordered to sell three of its airports by the UK consumer watchdog, the Competition Commission (CC).
These included Gatwick, Stansted and either Edinburgh or Glasgow.
BAA announced its plans to sell Gatwick while the CC was compiling its report.
www.baa.com www.global-infra.com www.competition-commission.org.uk