AIRLINES & AIRPORTS

Sale of London City Airport to Boost Business Tourism for ExCeL London
30/10/2006
The sale of London City Airport to a US-led consortia will increase the volume of business travellers to London’s eastside, and directly impact on ExCeL London’s profile in International markets according to the venue’s CEO, Jamie Buchan.
Commenting on the sale, Jamie Buchan said: “This sale is great news for ExCeL London and the local area generally. London City Airport is as a vital component in the future development of London’s eastside and as a venue, we have seen how business travellers are increasingly utilising the gateway. With all of the increased traffic and developments expected as we build towards 2012, further investment – such as that suggested by these reports – is essential to accommodate the growing volume and interest in the region.”
Buchan continued: “London City Airport has been a tremendous success under Dermot Desmond and we are excited about the continued investment that the new owners have said they will bring to the area. We are looking forward to working with the new owners to ensure that together we are taking London’s eastside to markets that need to have the region on their radar in the coming years.”
The Docklands airport was put up for sale earlier this year by Irish owner Dermot Desmond and an agreement has been signed with a consortium comprising AIG Financial Products Corp and Global Infrastructure Partners.
Although the value of the transaction has not been disclosed it is estimated that the sale is worth around ￡750m. This is reflective of the confidence in the airport’s development potential to boost passenger numbers to three and half million by 2015 and eight million by 2030.