05.05.08
Ferrovial is planning to sell Belfast City Airport, the Times reports. This is not the first time it has been reported that the airport is for sale, with the Belfast News Letter suggesting that the Spanish company was in discussions with investment bank JP Morgan regarding a possible sale early last month, which was subsequently denied by the airport.
According to the new story in the Times Ferrovial, the Spanish construction company that also owns UK airports operator BAA, has appointed KPMG to run an auction of the airport, valued at about £100m (it was £100m - £150m last month). The newspaper says that the process will kick off in the coming weeks and is expected to attract interest from a range of investors, including the infrastructure arms of Prudential and JP Morgan (in the frame again), as well as private-equity groups Bridgepoint, HG Capital, 3i and Galaxy, the French fund that specialises in infrastructure projects. Bridgepoint is the new owner of Leeds Bradford Airport, whilst HG Capital is the former owner of Belfast International Airport.
According to the Times, which is casting a wide net, interest will also come from the construction firm Balfour Beatty, and Global Infrastructure Partners, a joint venture between GE and Credit Suisse, which bought London’s City airport in 2006. This group is busy at the moment, as it is also leading the bidding for Southend Airport, also reported to be valued at £100m.
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