Exeter Airport sold to investment firm

The deal includes two other airports

Exeter Airport has been sold alongside two other UK airports in a deal worth £200 million.

Rigby Group will hand over the site to investment firm ICG, with airports in Bournemouth and Norwich purchased as well.

ICG said the airports passenger and cargo operations will be expanded and could handle up to 1.2 million passengers annually - an increase of around 400,000 from current levels.

Steve Rigby, co-CEO of Rigby group said: "Rigby Group has been a committed investor in these regional airports since 2013.

Regional & City Airports comprises a thriving group of airports, strategically important in their regions and growing at above market rates.

Following our successful stewardship, now is the right time for the next phase in Regional & City Airports’ growth in collaboration with an infrastructure fund with the investment capability and appetite to ensure these airports and their associated property reach their full potential.

We are delighted to see the Company partner with ICG, a FTSE100 asset manager, keeping these key UK assets in UK stewardship.”

Addressing staffing concerns, the airport's CEO said they're not anticipating any change from the leadership team or on the ground.

Both parties will close the deal later this month.