London City Airport not interested in Southend; could bid for Gatwick
05.10.08
London City Airport has cooled its interest in the £100m auction of nearby Southend Airport, and has turned its attention to Gatwick, the Independent reports.
The newspaper quotes a 'source' close to London City owners AIG and Global Infrastructure Partners (GIP), the joint venture between Credit Suisse and GE Infrastructure, saying: ‘There's bigger fish to fry. We've not pulled out, but we're not progressing work. With the problems in the debt market, [Southend owner] Regional Airports missed the boat and should have sold it a year sooner.’
If confirmed, the move is a huge blow to the Southend sale, as London City was thought to be the hot favourite. There are believed to be up to three more parties competing in an auction that has lasted more than seven months. A preferred bidder was expected to be announced two months ago.
Our one big concern about the story is that AIG are widely reported to have agreed to sell their stake in London City to GIP. Other than that, it makes sense.
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