CITIGROUP, the world’s largest bank, has made it on to the shortlist of bidders for London City Airport, pitting it against a number of high-profile rivals. The bank is bidding for the airport – owned by Irish financier Dermot Desmond – through its infrastructure fund .
The US bank is a strong contender due to its role in a number of recent big infrastructure deals:; in June it was advisor and broker to Spanish concern Ferrovial in its successful £10.3bn (E15.2bn, $19.4bn) bid for BAA, the UK’s biggest airport operator.
Citigroup is up against stiff competition. The airport is a much-desired asset because of its growing popularity among London’s financial and investment community, which favour its close proximity to Canary Wharf in London’s Docklands.
The airport is expected to command a price of about £650m – a massive return for Desmond who bought it for roughly £23m in 1995.

Posted: 08|27|06 at 7:14 am. Filed under: UK News.