Last year, we reported that Heathrow Airport Holdings, formerly called BAA, was forced to sell England's struggling Stansted Airport as a result of a ruling by the Competition Commission. In January, the airport was sold to Manchester Airports Group; the sale has been completed and the new owner is ready to revitalize the gateway.
The Manchester Evening News is reporting that MAG has completed its £1.5 billion bid for the Essex gateway, in a move that saw Australian investor Industry Funds Management take a 35 percent in the group.
Chief executive Charlie Cornish has drawn-up a strategy he believes will return Stansted's passenger numbers to what they were five years ago. He also wants to improve the shopping experience at the airport to encourage passengers to spend more before they board flights.
Stansted is currently only at 47 percent capacity, with airline Ryanair accounting for around 70 percent of its traffic. MAG believes it can improve the mix of airline at the gateway, making use of its existing relationships at Manchester.
Cornish is not expected to plan any large-scale infrastructure projects in the short-term. However, both MAG and IFM are eager to lobby transport chiefs about improving rail links between the airport and London in the medium-term.