London City launches bid for Southend
16.03.08
London City Airport has made a surprise bid in the £100m auction of rival Southend Airport, the Independent reports.
The newspaper says that London City's bid was unexpected, as its management had thought the airport's core business passenger base would not want to go to Southend. However, Richard Gooding, London City's chief executive, said: ‘There is a shortage of airports in the South-east, and Southend therefore presents an opportunity.’
The Independent quotes a 'source' close to Regional Airports, Southend's owner, insisting that London City Airport is one of the more logical suitors, given that the two airports are within an hour's train journey of each other.
London City is owned by AIG, the insurance giant, and Global Infrastructure Partners, a joint venture between GE Infrastructure and Credit Suisse. More than 40 parties were sent information memorandums on Southend last month. Dawnay Day, the owner of Oxford airport; Cognetas, the private equity group; and Macquarie, the Australian bank, are also reported to be interested.
Regional Airports is expected to reinvest at least £35m from the sale into upgrading Biggin Hill, the company's private jet facility in Kent.
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