Bristol Airport for sale
19.04.09
Australian Infrastructure investor Macquarie has put Bristol Airport up for sale as it 'scrambles to raise cash', the Times reports. The group is reported to have sounded out potential buyers for the airport, which had more than 6m passengers in 2008.
'Industry sources' told the newspaper that possible bidders include Prudential’s M&G’s infrastructure fund and Fortis, which recently bought Belfast City Airport. The airport was valued at around €320m (£283m) in 2006, but the Times suggest that interested bidders are likely to offer much less now.
The value of Bristol Airport will be affected by a recent fall in its passenger numbers, which plunged 26% in February, and 20% so far this year as recession-hit travellers cut back on flying. It will also be hit by problems raising debt to fund large asset purchases in the current market. Macquarie and Cintra, a subsidiary of BAA’s Spanish owner Ferrovial, bought the airport jointly in 2001 for £198m. In 2006, Macquarie purchased Ferrovial’s 50% stake for €158m.
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