Belfast City airport may be sold
[2nd April 2008]
Ferrovial, the Spanish owner of airport operator BAA, is rumoured to be in talks to sell George Best Belfast City airport.
Ferrovial bought BAA for £10.3 billion two years ago and is believed to have debts of more than €30 billion. BAA operates Heathrow airport, Gatwick airport and Stansted airport as well as three airports in Scotland including Edinburgh airport.
The Spanish group bought Belfast City airport in 2003 for £35 million. Since then the airport has expanded rapidly offering flights to numerous UK destinations including Heathrow, London City airport, Manchester airport and Birmingham airport, as well as European destinations such as Paris, Geneva and Salzburg. Low cost airlines bmi, Flybe and Ryanair all operate from the airport.
The Irish publication the News Letter says sources have told it that up to eight parties have expressed an interest in buying Belfast City airport and that Ferrovial aims to sell the airport for between £100 million and £150 million. However, the airport has denied that it is for sale.
Speculation continues to mount about which of its assets Ferrovial will attempt to sell. In the last two years the group has disposed of its holdings in Bristol airport, as well as in Sydney airport and Budapest airport. Now there are rumours that BAA may try to sell Gatwick airport. The Competition Commission is currently investigating BAA’s monopoly on the major London airports, and may even force BAA to sell one or more of the airports.
Already this year BAA has sold the World Duty Free shops at its seven UK airports to Italian company Autogrill for £546 million. And towards the end of March it sold a portfolio of 33 commercial properties to airport hotel group Arora for £265 million. In 2006 BAA sold nine airport hotels to Arora in a deal worth around £300 million.
Written by: Nick Purdom
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