Bidder pulls out of London airport sale

The stg£700 million (€1 billion) sale of Dermot Desmond’s London City Airport faces uncertainty after the consortium tipped to buy the airport pulled out of the bidding.

30th September, 2006

The stg£700 million (€1 billion) sale of Dermot Desmond’s London City Airport faces uncertainty after the consortium tipped to buy the airport pulled out of the bidding.

A consortium led by Spanish construction firm Sacyr Vallehermoso had been named as the most likely buyer. However, the consortium is understood to have withdrawn from the race for the airport, which Desmond bought for stg£23.5 million in 1995.

Reports in Britain said that the...

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