By Lucy Craymer
WELLINGTON--The Scottish government is looking to buy Glasgow
Prestwick Airport from New Zealand infrastructure investment firm
Infratil (IFT.NZ), the company said in a statement Wednesday.
The statement said the government is set to begin due diligence
on the airport, and it is hoped that negotiations will be completed
by Nov. 2013. During this time Infratil will continue to run the
airport in the same manner it has over the last 12 months.
Infratil has been looking for a buyer for this airport, along
with a second--Kent International Airport in England--since March
2012 as the airports have failed to deliver the expected passenger
growth and financial returns. Infratil has had to continually write
down the value of its European airport assets. In May it said the
two airports together were worth just 11 million British pounds
(US$17.6 million). The sale of the Kent Airport is ongoing, the
company said.
Infratil said it did not expect the sale of Glasgow Prestwick
Airport to have a material impact on the company's results.
The Scottish government was unavailable for comment.
Write to Lucy Craymer at lucy.craymer@wsj.com
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