The bidding war for London City airport is set to hot up with the co-owner of the Channel Tunnel rail link entering the race.

Borealis Infrastructure, which is based in Canada, is reported to have teamed up with German insurance firm Allianz to make a bid for London City, which has been valued at up to £2 billion.

London City’s current owners Global Infrastructure Partners (GIP), which also owns Gatwick, put the Docklands airport up for sale last month.

Borealis jointly owns the high-speed rail link between London and the Channel Tunnel, which is used by Eurostar trains from St Pancras.

The company’s bid for London City will face competition from Kuwait’s sovereign wealth fund which is teaming up with another Canadian fund, Ontario Teachers’ Pension Plan, to try to buy the airport.

Source: BuyingBusinessTravel