London City airport has been sold for a reported £2 billion to a Canadian consortium.
The sale of City airport, which is located near Canary Wharf and popular among business travellers, ends a bidding process that started last August.
The deal involves Alberta Investment Management Corporation, and investment funds the Ontario Teachers' Pension Plan and Wren House, part of the Kuwait Investment Authority.
The high valuation of the airport has led to a number of airlines including British Airways and Cityjet threatening to pull its aircraft if the new owners raise charges to fund the sale.
London City CEO Declan Collier said: “I’m delighted to welcome the Consortium as the new owners of the only airport actually in London.
“London City Airport is a successful business with huge opportunities for growth - opportunities that will create jobs, generate more benefit for the UK economy and build new connections to and from London to commercial centres around the world,” he added.
A record 4.3 million passenger used the airport last year.
Global Infrastructure Partners bought the airport in 2006 for around £750 million.
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