Bristol Airport for sale?
19.04.09
Australian Infrastructure investor Macquarie has put Bristol Airport for sale as it 'scrambles to raise cash', the Times reports. The company is reported to have sounded out potential buyers for the airport, which had over 6m passengers in 2008.
'Industry sources' told the newspaper that potential bidders include Prudential’s M&G’s infrastructure fund and Fortis, which recently bought Belfast City Airport. The airport was valued at €320m (£283m) in 2006, but the Times suggest that bidders are likely to offer much less now.
The value of Bristol Airport will be affected by a recent fall in its passenger numbers, which plunged 26% in February, and 20% so far this year as recession-hit travellers cut back on flights. It will also be hit by problems raising debt to fund large asset purchases in the current market. Macquarie and Cintra, a subsidiary of BAA’s Spanish owner Ferrovial, bought the airport jointly in 2001 for £198m. In 2006, Macquarie purchased Ferrovial’s 50% stake for €158m and owns the airport outright.
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