GIP plan to sell share of Gatwick
04.12.09
Global Infrastructure Partners (GIP), which formally took over Gatwick Airport yesterday, said it will sell a stake in the business some time next year, Bloomberg reports. 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. The company followed a similar strategy at London City Airport, where it sold a 25 percent holding to New York-based Highstar Capital, a private-equity company that specialises in infrastructure assets.
Mr McGhee said GIP will undertake a ‘root and branch review’ of its purchase and 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 proposition for airlines.’
He said GIP’s experience at London City will help it improve operations at Gatwick. Their punctuality was improved to 87 percent from 65 percent after GIP acquired the business. He added: ‘London City is a different animal, but a lot of the principles and processes we applied are pretty applicable at Gatwick. From our observations there is significant room for improvement. We’ve done it before already at City and we’re rather confident we can do it here.’
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