The owner of Gatwick Airport has struck a deal to buy Edinburgh Airport from BAA, the same company that sold them London’s second biggest airport three years ago.
Beating the competition, the deal will cost the Global Infrastructure Partnership £807m, (a far higher than expected fee), which is due to be paid in full throughout May.
BAA was made to sell either Edinburgh or Glasgow Airport following a ruling from the Competition Commission, requiring the break of previously state-owned assets. It went on the market in October of last year.
Factoring in previous investments by the Spanish-owned company, it is likely that it will be sold on from 2019/20 following improvements.
Though the investment group recognises that the airport is already
“…a high quality infrastructure…”
the company is likely to spend significantly to improve transport links with Scotland’s capital.
Spending will also be directed to improve the customer experience, something that GIP has done successfully at Gatwick, where the passenger experience has been improved upon greatly, resulting in it being selected over Heathrow by many people.
Speaking about the deal, the GIP Chairman Adebayo Ogunlesi said:
“We see significant opportunity to apply our tested and successful operational expertise and our knowledge of the global airports sector.”
If what has been achieved at Gatwick is anything to go by, passengers from Edinburgh should see improvements fairly quickly. With backing from the Scottish Passenger Agents’ Association, the move seems to be a good one for all concerned.