Vancouver Airport Services announced today that it has reached agreement with The Peel Group to acquire a 65% share in Peel Airports Limited (PAL) which includes key airport assets of Liverpool John Lennon Airport (LJLA), Robin Hood Airport Doncaster Sheffield (DSA) and Durham Tees Valley Airport (DTVA).
The Peel Group will retain a 35% investment in PAL and a presence on the board and looks forward to the opportunities the strategic partnership with Vancouver Airport Services will generate. PAL owns 100% of LJLA and DSA and 75% of DTVA, with local borough councils owning the remaining 25%.
"Vancouver Airport Services has a strong track record of investing in and providing value-added management services for airports around the world," said George Casey, President and CEO of Vancouver Airport Services. "We look forward to working with The Peel Group and the stakeholders involved in these airports."
Peel Group Chairman John Whittaker said, "We are delighted to move forward and partner with Vancouver Airport Services. Its network of international airports and expertise as a leading airport specialist will further increase the success of these growing regional airport businesses."
Mr Whittaker added, "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."