Vancouver Airport consortium in Gatwick bidding

The Lysander Gatwick Investment Group, a consortium comprising Vancouver Airport Services, Citi Infrastructure Investors and the John Hancock Life Insurance Co., made an indicative bid for Gatwick airport on Monday.

Vancouver Airport Services is an international airport investor, developer and manager that is jointly-owned by the Vancouver Airport Authority and Citi Infrastructure Investors – which is an arm of Citigroup Inc.

The consortium has been advised by a number of experts, including Bob Ayling, the former CEO of British Airways, a spokesman for the group said. Santander, the Spanish bank, is the consortium’s financial advisor.

Last fall the group was successful in winning a 99-year, $2.51-billion lease to develop and manage Chicago’s Midway Airport, in the privatization of the first major airport in the U.S.

Madrid-based Grupo Ferrovial, the parent company of UK airports operator BAA, is the owner of Gatwick. It has received indicative offers on the airport from the Budapest and London City airports as well. Monday was the deadline for expressing interest in acquiring Gatwick.

The amount that interested parties are offering for Gatwick – the second-busiest airport in Britain – has not been revealed, but analysts indicate that decreased passenger traffic and tough credit conditions could lower the valuation.

Ferrovial has predicted a sale price of around $2.9 billion.

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