UK-based real estate investment firm The Peel Group has acquired the remaining 65% stake in the UK's Liverpool John Lennon Airport (JLA) from Vantage Airport Group.
In June 2010, Peel Group sold the stake to Vantage for an estimated £175m. Peel had acquired a 76% majority shareholding in 1997 from British Aerospace and the remaining 24% shareholding in May 2001. As a result of the latest deal, the airport will once again be under the complete control of Peel Group.
The company noted that the investment in JLA will allow it to increase the business by attracting new airlines and new services by capitalising on the strong operational and commercial performance of the airport.
Airport officials noted that it will be business as usual for airport employees, airlines and passengers, with the airport continuing to serve the needs of the travelling public in Merseyside and the North West. JLA is one of the UK's busiest airports, and handled over 4.2 million passengers in 2013.
Liverpool John Lennon Airport CEO Matthew Thomas said that the airport will work with its partners to increase services and grow passenger numbers.
"The airport is a key project in Peel's ocean gateway programme, which will see £50bn of investment in the North West," he added.
Vantage now plans to focus on projects to strengthen its position across North America and other markets.