Four Set To Take Flight At City Airport

It has emerged that four companies are ready for take off as the new owner of George Best Belfast City Airport.

With the deadline for bids from interested parties having closed at the end of June, it is understood that a shortlist of four companies has been drawn up.

From this, one will be selected to go into final negotiations with Ferrovial, the Spanish infrastructure giant which put the airport up for sale in May.

The sale is being handled by KPMG in London on behalf of Ferrovial.

The Madrid-based group bought the airport for £35 million in 2003 but analysts have speculated it could fetch between £100 million and £150 million given the current interest in such facilities.

It is expected that a new owner will be in place by the beginning of October.

However, despite speculation, Belfast International Airport's owner, Spain's Abertis, is not one of the bidders despite expectations that it was keen to snap up its rival.

It is understood that there has been a healthy level of interest in BCA and the sale is progressing very much to plan.

Meanwhile, Ferrovial "remains very happy" about the airport's performance and the sale would not affect day-to-day business at the airport, which anticipates welcoming 2.7 million passengers this year.

In recent months Ferrovial has been forced to sell a number of assets in a bid to reduce its huge debt mountain which has arisen following its £10 billion purchase in 2006 of BAA, the airport's operator which owns seven airports in the south-east of England - including Heathrow - and Scotland.

Ferrovial has been working on a £10 billion refinancing programme for months but has been hampered by the fallout from the global credit crunch, which has made lenders more cautious

(BMcC)