Aussie giant Macquarie takes off with stake in London City Airport

The Australian financial giant Macquarie is close to snapping up a stake in London City Airport – the capital's fifth-biggest – amid a wider shake-up in its ownership structure.

Sky News understands that Macquarie Asset Management is nearing a deal to buy a minority interest in the Docklands airport from at least one of its cluster of Canadian shareholders.

Industry sources said City Airport was preparing to make an announcement about changes to its shareholder base as soon as this week, although the Macquarie deal may take slightly longer to finalise, they added.

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The valuation of any agreement was unclear on Monday.

It follows reports earlier this year that Omers and AIMCO, two big Canadian pension funds, had hired bankers at Morgan Stanley to advise them on the sale of their interest in the London airport.

Macquarie was named at the time as a potential buyer of the 25% stake owned by Ontario Teachers' Pension Plan (OTPP).

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London City Airport has been given permission to increase passenger numbers from 6.5 million annually to 9 million, although it was denied the opportunity to extend its Saturday operating hours.

It is now seeking other regulatory concessions in order to accelerate its growth, with Britain's aviation capacity featuring prominently on the UK's economic priority list.

Macquarie has been a prolific investor in UK airports, having announced the sale of AGS - comprising Aberdeen, Glasgow and Southampton airports - earlier this year.

Spokespeople for London City Airport, Macquarie and OTPP declined to comment.

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