Tue, 24 Apr 2012 | BUSINESS SALE
Edinburgh Airport has been sold to Global Infrastructure Partnership (GIP) for £807.2 million.
The airport was sold by BAA, the owner of Gatwick and City airports, and was forced through by the Competition Commission which ruled back in 2009 that BAA's monopoly position on UK airports needed to be addressed.
GIP, a fund based in London and New York, took over London City airport back in 2006 and also purchased Gatwick from BAA in 2009.
Analysts, however, have suggested that the price paid for the Edinburgh purchase was higher than expected. Douglas McNeill of Charles Stanley Securities, told the Guardian: “It's a price well in excess of initial expectations and represents an outstanding piece of business for BAA.
“It vindicates their decision to sell Edinburgh rather than Glasgow. Edinburgh's got an attractive catchment area; there's a medium-term possibility of adding a runway. But it's more than half what GIP paid for Gatwick, which is about four times bigger in passenger and revenue terms.”
But the deal has been broadly welcomed, with many suggesting that the change of hands will contribute to the future success of the airport.
SNP MSP Colin Keir, for example, noted that GIP is showing a commitment to developing more direct routes out of Edinburgh, while also improving passenger services.
Edinburgh airport is the busiest in Scotland and has around 10 million passengers a year.
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