London City sold for +$900m

By Administrator |

A consortium led by insurance conglomerate AIG has acquired London City Airport from Irish owner Dermot Desmond for an undisclosed sum.

Desmond bought the airport for ?23.5m ($43.6m) in 1994 but the sale price is understood to have been in excess of ?500m ($928m). London City now operates services to 27 destinations, including many of Europe's most popular cities and it will also be the main airport when the 2012 Olympics are held in London.
Approximately 184,000 passengers travelled through London City Airport in August and the consortium said it expects to handle 2.4m in 2006, up 20% on 2005.

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