I’ve always amazed at what you can buy in the January sales. For the infrastructure group Vinci, and it’s division Vinci Airports – they’re to purchase a controlling share in Gatwick Airport (which is currently owned by Global Infrastructure Partnerships).
Gatwick airport overhead view – Image, Vinci
Global Infrastructure Partners acquired Gatwick airport in 2009, following the break up of the former BAA.
The transaction will make Vinci the lead partner, owning 50.01% of the operation. GIP will retain 49.99%. It expected the transaction will be completed in the first half of 2019.
Vinci is not new to operating airports – with the group operating 45 airports in various countries such as Portugal (where it manages Lisbon airport), Sweden, Serbia, Cambodia, Japan, United States of America, Dominican Republic, Costa Rica, Chile and Brazil.
In quotes
Nicolas Notebaert, Chief Executive Officer of VINCI Concessions and President of VINCI Airports:
“Creating synergies and sharing best practices being at the core of our values, the whole VINCI Airports network will benefit from Gatwick Airport’s world-class management and operational excellence, which has allowed it to deliver strong and steady growth in a very constrained environment. As Gatwick’s new industrial partner, VINCI Airports will support and encourage growth of traffic, operational efficiency and leverage its international expertise in the development of commercial activities to further improve passenger satisfaction and experience.”
No changes yet… but some to come?
With the sale of the infrastructure, the question becomes what happens to the passenger experience. Going through the PR… not a lot. There are comments about Gatwick being a freehold airport, the usage of it being a single runway field and the masterplan to activate the standby runway as a full-fledged runway.
And of course – nothing about drones at all.
It’ll be interesting to see what investments Vinci and GIP make together, and how they intend to strength Gatwick further and attract further traffic – as well as stemming any losses that come from a potential 3rd runway at Heathrow Airport.
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if memory serves, GIP bought all of Gatwick for about a yard and a half, just sold slightly over 50% of it for something north of 5 yards …
sell 50% for more than three times what you paid for 100%, and earn 9 years worth of fee income in the meantime
… not a bad trade