Achi news desk-
France-based VINCI will manage three UK airports following the transaction. It has a network of more than 70 airports worldwide.
Global Infrastructure Partners, which has overseen impressive growth at Edinburgh Airport since it took over the asset in 2012, will control the remaining 49.99% interest in the airport after the transaction to sell the stake of 50.01% to VINCI Airports for approximately £1.27 billion is completed. .
The pair have, since 2019, been partners at Gatwick Airport, which is on an ambitious growth trajectory.
Announcing the Edinburgh Airport deal, GIP said: “As part of the agreement, GIP and VINCI will jointly lead the investment and development of Edinburgh Airport and establish a long-term strategic partnership for the future development of the airport, similar to the successful partnership. established in 2019 at Gatwick Airport.”
It is unsurprising, given the success Edinburgh Airport has enjoyed under GIP ownership, that the airport’s current management team will remain in place.
VINCI, which also owns and operates Belfast International Airport, is likely to reveal more about its ambitions for Edinburgh Airport once the deal is complete. The transaction is expected to be completed this summer.
However, the deal looks set to be a positive development for Edinburgh Airport and the wider Scottish aviation sector.
It follows a sales process carried out by GIP, which has demonstrated its expertise in the sector with what has been achieved since 2012 at Edinburgh Airport.
Outlining its broad strategy for the airport, VINCI said: “VINCI Airports will leverage its global airport experience to further develop Edinburgh Airport – both aeronautical and non-aeronautical (especially retail) – by opening new avenues and making additional investments.”
He added that he would also use his “environmental expertise to improve the platform’s already excellent ESG (environmental, social and governance) metrics”.
VINCI said: “Edinburgh Airport has a highly experienced management team who will continue to lead the company and which VINCI Airports is delighted to welcome to its global network.
“This iconic infrastructure in Scotland fits perfectly with VINCI Airports’ development strategy.”
The enthusiasm of the incoming majority shareholder seems plain.
VINCI went on to point out that Edinburgh Airport is the largest airport in Scotland, in terms of passenger numbers, and the sixth largest in the UK.
And he declared: “Edinburgh Airport is strategically located in the capital of Scotland serving a catchment area of more than four million inhabitants. Edinburgh is the second most prosperous city in the UK and one of the main tourist destinations in the British Isles.
“It currently serves over 150 destinations in 38 countries thanks to close long-term relationships with airlines such as easyJet, Ryanair, British Airways and Jet2.”
VINCI emphasized the potential for growth in traffic, particularly on long-haul journeys.
Since 2012 Edinburgh Airport has had considerable success in this area.
VINCI said: “Edinburgh Airport benefits from strong traffic fundamentals, and growth prospects are positive particularly in relation to long-haul segments. Traffic is expected to fully recover its pre-Covid levels during 2024.”
GIP noted that “Edinburgh Airport chairman Sir John Elvidge and chief executive officer Gordon Dewar, along with other key leaders, will remain in their roles” following the deal.
It is difficult to see any negatives in the deal, which instead tries to afford enough room to be optimistic about what could come in the future.
The team that has achieved strong growth in passenger numbers and improved connectivity at Edinburgh Airport will remain at the helm.
The number of passengers at Edinburgh Airport, which was just shy of 9.2 million in 2012, is expected to top 15 million this year. They totaled 14.4 million last year.
Since 2012, the number of airlines at Edinburgh Airport has risen from 25 to 32, with destinations served up from 112 to 154, routes up from 137 to 226, and long-haul routes scheduled at increase from one to 15.
VINCI appears to see great potential for further significant growth and is likely to focus on the customer experience at Edinburgh Airport, as it has done at Gatwick. He brings with him great experience of the sector, which should enable him to build on GIP’s very significant achievements.
Hopefully, for leisure and business travelers of course and for the wider Scottish economy as well as for Edinburgh Airport, we will see further successes in terms of route development.
