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Gatwick sold for £1.5bn
22 October 2009
BAA, the airports operator, has agreed to sell Gatwick Airport to private equity firm, Global Infrastructure Partners, who already own London City airport. To fund the purchase GIP secured a £1.25bn loan from a group of 12 banks. The £1.5bn price tag was considerably less than the £2.5bn that BAA was originall seeking for the airport. The belief in the market is that GIP have a good deal of work to do to bring Gatwick up to standard.
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