Posted on: 26 February 2016 by Mark Howells
Alberta Investment Management Corporation (AIMCo), on behalf of its clients, OMERS, Ontario Teachers Pension Plan (OTPP) and Wren House Infrastructure Management – the infrastructure investing arm of the Kuwait Investment Authority, has signed an agreement to acquire the company that owns and operates London City Airport.
The consortium consists of international infrastructure investors, all with proven track records, which will bring significant financial and operational expertise to London City Airport. The financial details of the transaction have not been disclosed.
Since the acquisition of its controlling stake by Global Infrastructure Partners in 2006, London City Airport has successfully grown passenger numbers from 2 million in 2005 to 4.3 million in 2015, with an18.3% increase in the last year alone.
The consortium is committed to the responsible, long-term ownership and development of London City Airport to ensure its continued strong position and reputation as a key airport for London. Working together with management and local authorities, the consortium will support the enhancement of facilities and build on the airport’s successful track record.
As part of its investment, over the long-term, the consortium is dedicated to developing existing and new airline relationships and routes, improving the airport’s already excellent customer service, and generating opportunities for new and existing employees.
The consortium has proven experience as long-term owners and operators of UK and European airports, as evidenced by selected members’ current ownership of Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport, and historical investments in Rome Airport and Sydney Airport. The consortium has a strong track record of investing in and growing excellent businesses, maintaining good relationships with customers, staff, management, regulators and other stakeholders.