| A consortium of investors, which includes Kuwait Investment Authority’s Wren House Infrastructure Management, have agreed a deal to buy London City Airport for a record $2.8 billion. The Canary Wharf airport, a favourite among executives for its convenient location near London's two financial districts, was put up for sale last summer by private equity firm Global Infrastructure Partners (GIP).
The price paid is reported to be about 32 times London City’s annual underlying profits, setting a record for an airport, according to the Times. GIP bought the airport for a reported $1bn in 2006 but in the ten years since then passenger numbers have doubled to 4.3 million in 2015, an 18% increase on the previous year...............................................Full Article: Source
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