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NEWS Last modified on October 18, 2012

First round of bids for London Stansted Airport due next week

The first round of bids for London Stansted – valued at around $1.25 billion – are due next week.

The first round of bids for London Stansted – valued at around $1.25 billion – are due next week.

Manchester Airports Group (MAG) has confirmed it will bid for the airport, while Ryanair said it would not be involved in any consortium bid, earlier this month.

MAG, will fund its bid by selling a 35% stake in the company to Australian investor IFM.

Other rumoured bidders, according to reports, include Macquarie, Cheung Kong Holdings and infrastructure investor Morrison & Co.

Charlie Cornish, chief executive of MAG, said: “Having conducted a strategic review of the group, we believe its addition to MAG will generate shareholder value in combination with our existing airports in the North, South West and Midlands markets.

“MAG has a proven track record in running profitable, growing airports through its successful approach to customer service, retail, car parking, property management and aviation development which would benefit passengers in the South East.

“IFM share our long term investment vision and by moulding its financial strength alongside ours and with our strong background of airport management experience, we believe we can play a vital role in the successful growth of the British aviation industry and UK Plc.”

BAA – which has now officially changed its name to Heathrow Ltd – announced it would sell Stansted in August, following a lengthy legal battle to hold onto the airport.

The UK Competition Commission ruled BAA should sell three of its seven airports in 2009.

It completed the sale of Edinburgh Airport to Global Infrastructure Partners (GIP) in April this year. GIP bought Gatwick Airport in December 2009.

The UK Court of Appeal rejected BAA’s appeal against the sale of Stansted in July 2012, and the following month, BAA said it was giving up its fight to keep the airport.
 

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