Heathrow given £650m post-Brexit backing by shareholders for new investments after PM triggers Article 50

 
Rebecca Smith
The airport's investment announcement comes just after the PM triggered Article 50
The airport's investment announcement comes just after the PM triggered Article 50 (Source: Getty)

No Brexit turbulence to see here.

Heathrow has confirmed today shareholders, spanning Ferrovial, Qatar Investment Authority, GIC and the China Investment Corporation, are pressing ahead with plans to invest an additional £650m into Britain's biggest airport over the course of 2019; the year Britain is set to leave the European Union if the two-year timeline holds firm.

Read more: Ranked: The world's 20 best airports (spoiler - Heathrow has swooped lower)

The airport said it sent "a strong signal" that Britain continues to be open for business in the eyes of institutional investors.

Heathrow boss John Holland-Kaye said the planned investment will "further improve resilience" at the London airport which handles over 75m passengers each year.

Initial plans for the new investment include the possibility of enabling works for the expansion of Terminal 2 and planning works for a new southern access tunnel for the central terminal area.

Sheikh Abdullah bin Mohammed Bin Saud Al-Thani, chief executive of Qatar Investment Authority said: “Our investment in Heathrow is much more than just an investment in one of the world’s great airports – it’s an investment in Britain’s connections to the world. As the UK reshapes its role in the world, we confirm our commitment as proud partners of a great trading nation."

Last month Heathrow unveiled a new sustainability strategy to set out ambitious goals to reduce the airport's environmental impact, including making growth from the third runway carbon neutral.

It also plans to halve the number of late-running departures to reduce noise for local communities in a voluntary Quiet Night Charter.

The strategy, dubbed Heathrow 2.0, has been drafted with input from environmental groups, academics and community leaders, as well as the airport's passengers. It includes the aim of using 100 per cent renewable electricity at the airport from 2017 in "a major step toward creating a zero-carbon airport".

Read more: Heathrow plans to halve late-running departures to reduce noise for locals

Related articles