Partner Article

DTV airport owner offloads major stake

THE firm which owns Durham Tees Valley Airport has sold a 65% share of the business to a global airport operator.

Vancouver Airport Services (VAS) has agreed to buy a 65% stake in North West-based Peel Group.

The Manchester firm is retaining 35% of the loss-making business, which also owns Liverpool John Lennon, Robin Hood and Doncaster Sheffield airports.

George Casey, president and chief executive of VAS, said his group had a “strong track record of investing in and providing value-added management services for airports around the world”.

Peel chairman John Whittaker said: “The retention of a significant investment in the joint venture, together with our associated airport-related property, is firmly in line with our strategy of creating long term partnerships to unlock value from the relationship between our diverse infrastructure, transport and real estate assets.”

Peel owns Liverpool John Lennon and Robin Hood Airports outright, but local borough councils have a 25% stake in Durham Tees Valley.

This was posted in Bdaily's Members' News section by Ruth Mitchell .