Canadian-led consortium to buy London City Airport

London City Airport has agreed to be bought by a consortium for an undisclosed sum.

The consortium includes Alberta Investment Management Corporation, OMERS, Ontario Teachers’ Pension Plan and Wren House Infrastructure Management Limited, which is the infrastructure investing arm of the Kuwait Investment Authority.

Currently, Global Infrastructure Partners owns a 75% stake in the airport, while Highstar Capital has a 25% interest.

The airport is located in the Royal Docks near Canary Wharf, in the London Borough of Newham and since Global Infrastructure acquired a controlling stake in 2006, it has grown passenger numbers from 2m in 2005 to 4.3m last year.

A spokesperson for the consortium said: “London City Airport is a premium infrastructure company, operating in a very attractive market. We look forward to working closely with the airport’s strong management team to achieve the business’s full long-term potential.

“Our investment and support will foster a mutually beneficial relationship between the airport and its airlines, passengers and employees, while ensuring a positive economic impact for all of London and the local community, in particular.”

The consortium already owns Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport, and historical investments in Rome Airport and Sydney Airport.

The consortium said that as part of its investment, over the long-term, it would develop existing and new airline relationships and routes, improve the airport’s “already excellent” customer service and generate opportunities for new and existing employees.