Lovells and L'Estrange check in for £132m Belfast Airport sale
Lovells and Belfast law firm L'Estrange & Brett have landed lead roles advising on Ferrovial's £132.5m sale of George Best Belfast City Airport to ABN Amro Global Infrastructure Fund. Lovells won the lead role for ABN with London projects chief Gavin McQuater, assisted by project finance partner Philip Robb, heading the team for ABN.
September 17, 2008 at 10:34 PM
2 minute read
Lovells and Belfast law firm L'Estrange & Brett have landed lead roles advising on Ferrovial's £132.5m sale of George Best Belfast City Airport to ABN Amro Global Infrastructure Fund.
Lovells won the lead role for ABN with London projects chief Gavin McQuater, assisted by project finance partner Philip Robb, heading the team for ABN.
Meanwhile, L'Estrange saw off a number of firms to scoop up the main role for Ferrovial.
Corporate partner Richard Gray headed the firm's team advising the Spanish infrastructure giant, which sold the airport for nearly four times the £43m it paid five years ago.
L'Estrange originally acted for Royal Bank of Canada when it provided the funding for Ferrovial's 2003 acquisition of the airport from Bombardier.
Lovells' McQuater said: "The work was intense for a couple of weeks but all of the key elements came to a close in less than a week. This shows that good quality assets can be purchased with infrastructure equity and debt at a quick pace even though we face a difficult economy."
L'Estrange's Gray added: "Even with the uncertainties affecting the airline industry and air travel generally, airports are still regarded as good long-term strategic investments."
Top 10 City law firm Norton Rose advised lending bank HSH Nordbank on the debt funding of the acquisition, with finance partner Lucy Wolley Dod and acquisition finance partner Alexandra Triptree at Norton Rose working with a team including corporate finance partner Alan Crookes.
Ferrovial's sale of George Best Airport is unrelated to the expected sale of some of Ferrovial's other airports. The company is expected to sell Gatwick and Stansted as well as either Edinburgh or Glasgow following a recommendation by the Competition Commission.
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