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Edinburgh Airport sold for more than £800m

BAA has announced it will sell Edinburgh Airport for £807.2 million to an infrastructure investment fund.

Infrastructure fund manager Global Infrastructure Partners said it hopes to complete the deal to buy Edinburgh Airport by the end of May.

GIP’s other airport investments are a 75 per cent interest in London City Airport and a 42 per cent controlling stake in London Gatwick Airport.

BAA, a division of Spanish infrastructure firm Ferrovial, was forced to sell Edinburgh Airport after the Competition Commission ruled in 2009 that it needed to sell a Scottish airport as well as Gatwick and Stansted - a move currently being fought by BAA.

BAA chief executive Colin Matthews said: “Edinburgh Airport and its team have been part of BAA for a long time and we are proud of its achievements. We wish the new owners every success and are confident the airport will continue to flourish.” 

Edinburgh Airport handled 9.3m passengers in 2011 and generated earnings before interest, taxes, depreciation, and amortization of £48.3m for the same period. After the sale of Edinburgh Airport, BAA will still own Heathrow, Stansted, Glasgow, Aberdeen and Southampton airports.

GIP managing partner and chairman Adebayo Ogunlesi said: “Edinburgh Airport is a high quality infrastructure asset. Its acquisition Is a landmark deal for GIP and represents the first investment by GIP II. We see significant opportunity to apply our tested and successful operational expertise and our knowledge of the global airports sector to develop and enhance the performance of Edinburgh Airport in years to come.”

 

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