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London's City Airport eyes $320 mln expansion plan

Reuters - UK Focus

LONDON, Sept 19 (Reuters) - London's City Airport on Thursday applied for planning permission for a $320 million expansion to double passenger numbers to 6 million a year.

The east London airport, owned by Global Infrastructure Partners (GIP), wants to extend its terminal and build new parking stands to accommodate larger aircraft and a new taxi-way.

The airport, which is predominantly used by business travellers, currently handles 70,000 flights a year. It wants to increase the number to 120,000 per annum - a level already permitted under an application granted in 2009.

Declan Collier, the airport's chief executive, said the expansion of the airport was vital to satisfy growing demand for business travel and could create up to 1,500 new jobs.

GIP, an investment fund founded by Credit Suisse (NYSE: CS - news) and General Electric (Other OTC: GEAPP - news) , has submitted the proposal to the London Borough of Newham.