Balfour Beatty sells 60 % stake in Exeter airport
Balfour Beatty has announced on June 26th, 2013, the sale of its interest in Exeter Airport to Patriot Aerospace, the aviation division of Rigby Group PLC.
In August last year, Balfour wrote down the value of its holding in Exeter Airport from £12m to zero. Balfour Beatty said that the proceeds from the sale will be used to repay the funders.
Commenting, Balfour Beatty Chief Executive, Andrew McNaughton, said:
"We are pleased to have come to an arrangement with our JV partner and the funders that ensures the future viability of the airport for its staff and the local community it serves."
Reuters had reported in late May that Balfour Beatty had started looking for buyers for its 60 % stake in Exeter International Airport. Balfour led a consortium which bought the airport in 2007.
The remaining shareholding in Exeter airport is owned by Galaxy, a specialist fund which is backed by French and Italian investors and the European Commission.
Balfour Beatty sold stakes in five PFI projects earlier this month, as its management team is speeding up a revamp of its asset portfolio.
Other recent transactions in the airport sector in the UK include:- Abertis reaches an agreement with the Welsh Government for the sale of Cardiff Airport (March 2013)
- Ferrovial (BAA) sells Stansted Airport to Machester Airports Group and IFM (January 2013)
- Ferrovial sells 5.72% of Heathrow Airport Holdings to Stable Investment Corporation (October 2012)
- AMP Capital acquire 49% stake in Newcastle Airport (October 2012)
- Manchester Airport Group (MAG) sells controlling stake in Humberside Airport (August 2012)
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