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From The Times
October 12, 2006

Irish entrepreneur turns 3,000% profit on sale of London airport
Dermot Desmond, the Irish entrepreneur, has made a 3,000 per cent profit on London City airport, which he sold yesterday. AIG Financial Products, the derivatives arm of the world’s largest insurer, has paid an estimated £750 million for the airport. Mr Desmond bought it in 1995 for £23.5 million from Mowlem, the construction group.

There has been a big rise in business at the airport. Passenger numbers have grown from 556,000 in 1995 to two million last year. AIG’s partners in buying the airport include an investment fund run by General Electric and Credit Suisse. The airport, opened in 1987, is located in the Royal Docks in East London and serves London’s financial district. Flights from City Airport travel to 27 destinations, mostly in Europe.

Airports have become attractive takeover targets because of their stable income streams. In June Ferrovial, of Spain, agreed to buy BAA, the owner of British airports including Heathrow and Gatwick.

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