GIP plan Gatwick stake sale
04.12.09
Global Infrastructure Partners (GIP), the infrastructure investor that formally took over Gatwick Airport yesterday, said it will sell a stake in the business some time next year, Bloomberg reports. However, GIP plans to retain control of the airport following any transaction, partner Michael McGhee said in an interview.
GIP will seek an ‘equity syndication’ when selling a stake in Gatwick and is not planning an initial public offering, he said. It followed a similar strategy at London City Airport, where it sold a 25% holding to New York-based Highstar Capital, a private-equity company that specialises in infrastructure assets.
Mr McGhee also said that GIP will undertake a ‘root and branch review’ of Gatwick, that check-in and security times will be reduced and train links to London enhanced. He said: ‘Our focus is very much on the modernisation and improvement of Gatwick. The more attractive you make the whole experience, the better the yield for airlines.’
He said GIP’s experience at London City will help it improve operations at Gatwick. Their punctuality was improved to 87% from 65% after GIP acquired the airport. He added: ‘London City is a different animal, but a lot of the principles and processes we applied are applicable at Gatwick. From our observations there is significant room for improvement. We’ve done it before at City and we’re confident we can do it at Gatwick.’
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book gatwick airport hotel or gatwick airport car park at the lowest price, click on these links to two great gatwick parking and gatwick hotels price comparison pages.
