Stake in Gatwick to be sold in Middle East

It has taken less than two months for the new owners of Gatwick Airport, Global Infrastructure Partners (GIP), to announce that thye will sell a stake in the operations to the Abu Dhabi Investment Authority. A spokesman for GIP confirmed the investment and said that they will still keep a controlling stake in the airport, but did not reveal what percentage is being sold off. The rumours are that it will be a 15 per cent stake for ?125 million.

The previous owners BAA sold the airport to GIP after a court action was launched that stated that they had a monopoly of the UK airports. Before the results of the court case came to light BAA sold off Gatwick Airport. The plan was to make BAA sell off three of their airports, but the court ruled in favour of the airport operator and they have kept their remaining six airports.

The worldwide recession caused a massive drop in air travel last year, which in-turn lowered the fees that were paid to airport operators for landing and rent. The investment by the Abu Dhabi firm is seen as a long term deal that will see the two work closely together over the years to come. This investment comes just days after GIP agreed to sell a 12 per cent stake in the airport to Korean firm, National Pension Service for an un-disclosed amount.

December saw the third month in a row of increased passenger traffic through the airport, showing signs that air travel is again gaining momentum.