Vinci pays £2.9bn for majority stake in Gatwick Airport

French infrastructure giant Vinci has paid £2.9bn for a majority stake in Gatwick Airport.

Under the terms of the deal, Vinci Airports takes a 50.01% stake making it the firm’s largest airport.

Gatwick’s chair, Sir David Higgins, described the deal as a vote of confidence in Gatwick and its future potential.

Higgins will stay on, along with the chief executive, Stewart Wingate, who said there would be no changes to the immediate running of the airport.

Just two months ago, the former owners of the UK’s second-busiest airport, revealed plans to move and upgrade its standby runway into routine use for departing flights by the mid-2020s.

The £500m plan to use the runway for short haul flights forms part of Gatwick Airport’s growth masterplan.

This would see an extra £1.1bn spent over the next five years on upgrading the airport.

2018-2023 key projects plan

• New domestic arrivals facility, including a new baggage, reclaim in South Terminal.
• Mezzanine level extension in the North Terminal departure lounge to accommodate new restaurants.
• Completion of the road system and taxiway entrance to the new Boeing aircraft hangar to connect the airfield with the new facility.  The new hangar opens next year and will service the growing number of long-haul aircraft operating from Gatwick.
• Re-development of South Terminal hotel capacity.
• Enabling works for Network Rail’s planned upgrade to the Gatwick station.
• New reception centre for passengers with reduced mobility in the North Terminal.

from Construction Enquirer http://www.constructionenquirer.com/2018/12/29/vinci-pays-2-9bn-for-majority-stake-in-gatwick-airport/

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