Infratil says it is still trying to sell two airports in Britain, despite passenger numbers improving. The company has been trying to sell Glasgow Prestwick and Kent International airports, which last year lost $10 million, for more than a year. Latest figures show passenger numbers at Glasgow increased 14% in May with more than 118,000 passengers passing through, and the …Read More »
The plunging value of for-sale Prestwick airport contributed to a nose dive in its New Zealand owners’ profits, Infratil reported today. The firm said the Ayrshire airport and its sister at Manston in Kent were now together worth £11.4 million compared to £38 million a year ago. They had been valued at £44m in 2011. Infratil said the write-down had …Read More »
Reports from the national and local press, and a couple of interesting takes on the story from the trade press.Read More »
The New Zealand company which owns Prestwick has said there is no sign of a buyer for the airport, and its value has fallen. Infratil put its two UK airports, which include Kent, up for sale in March this year. However it said the sales process for both had been “unsuccessful to date”. As a result, Infratil said it had …Read More »
Infratil’s assessment of their European airports, in their own words… In the 1990s Australia and New Zealand were amongst the first countries to sell state-owned airports and to allow their commercial operation. The resulting value uplift encouraged Australasian investors to look at markets where similar developments were occurring, which led to Europe. Infratil invested in Prestwick, Kent and Lübeck airports …Read More »
A consortium led by an Australasian investment manager has emerged as an early rival to Manchester Airports Group in the £1bn battle for Stansted airport. Morrison & Co, which operates out of New Zealand, Australia and Hong Kong, is heading a bid team that also includes the New Zealand Superannuation Fund and Infratil, a Wellington-based infrastructure investor. Stansted was finally …Read More »
Manston airport sale "a chance to introduce proper planning"
News that Manston airport is up for sale is confirmation that the local infrastructure is not sufficient to sustain an airport, according to one of the most respected campaign group in the country.
Manston’s New Zealand owner, lnfratil, announced it was selling the site because it wanted to “refocus its investment profile" and concentrate on retail, production and supplying gas and electricity. The move puts 123 jobs at risk.
The Campaign to Protect Rural England says the sale is an ideal chance for Thanet council to put into force planning regulations protecting the interests of residentsRead More »
Manston Airport has been put up for sale. Bosses at Kent International Airport told staff at 10.30am yesterday (Friday) morning. The shock decision was made by owners Infratil. The New Zealand-based company also plans to sell its airport at Prestwick near Glasgow.Read More »
This has been on the cards for a couple of months now. Infratil has been under increasing pressure from major share-holders in New Zealand to stop wasting time and money on the wrong side of the world.
Struggling Prestwick is almost completely dependent on a single commercially ruthless customer - a foolish and vulnerable position to have got into. When 98% of your business comes from one customer, that customer can call the shots - you've lost control of your business.
Barely struggling Manston has developed a pattern of attracting flakey customers, and has now stumbled, flat-footed, into the glare of international disapproval as a result of some particularly foolish greed.
It's not surprising that the Kiwis should want to crystallise their losses, and get home. TDC would then, of course, have to rifle through Brian White's old filing cabinets looking for a very slim folder labelled "Plan B".
The time and effort spent fussing over Manston's life support sysytem would be far better spent researching and launching a viable and sustainable "economic and social engine".Read More »
CEO confirms: Prestwick for the chop
Well, Dear Reader, you can tell your grandchildren that you read it here before you read it on Bloomberg!
Infratil's Supreme Commander has gone on record in an interview with Bloomberg telling the world that Prestwick doesn't have a long-term future in Infratil's portfolio, because it "isn't performing".Read More »