LONDON CITY AIRPORT UP FOR SALE

 

Press Release

 6/8/15 for immediate use

 London City Airport up for sale

London City Airport is to be put up for sale at the end of the year, its owners, Global Infrastructure Partners (GIP), announced yesterday.  GIP is looking to get £2 billion but airport’s value could be limited by its recent failure to get planning permission for a £200m development that could increase the number of passengers it handles to 6m by 2023.

London City won planning permission for expansion from Newham Council in February, but this was then overturned by Boris Johnson, the mayor of London, the following month over noise concerns. London City is appealing against the mayor’s decision. A Public Inquiry will take place in March next year but the outcome is not likely to be known until summer next year by which time GIP hopes to have completed the sale.

GIP has always argued that expansion was essential to the future of the airport because the extra terminal and taxiway capacity would allow bigger planes needed to open up the airport to more distant destinations, such as the Gulf, the Middle East, Russia and North Africa.

Local campaign HACAN East published a report last year which argued that there would be more economic benefits to the area if the airport closed.  The report by the New Economics Foundation found that the economic and employment benefits the airport brought to East London were small in comparison to other new developments in the area.

John Stewart, the chair of HACAN East, said, “When Crossrail opens Docklands and the City of London, the key business markets London City serves, will be within half an hour of Heathrow.  We will be pressing developers to seize this chance to buy the airport and use the valuable land it occupies to build developments which would enhance the local economy without all the downsides of noise and pollution that the airport has brought.”

ENDS

 For more information:

John Stewart on 0207 737 6641 or 07957385650