Image: Loz Pycock Image: Loz Pycock

London City Airport has been sold to a Canadian-led consortium for a reported £2 billion.

The official price of the acquisition has been revealed, but it is understood to be in the region of £2bn. The consortium is led by Alberta Investment Management Corporation - a major Canadian hedge fund, and investment funds Ontario Teachers' Pension Plan and Wren House, which are part of Kuwait Investment Authority.

The group already owns Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport.

A record 4.3 million passengers used London City Airport in 2015. It is popular with bankers and professionals in the City because of its close location.

Global Infrastructure Partners bought the airport in 2006 when just two million passengers used it.

The consortium said London City Airport was "a highly attractive infrastructure investment in the UK".

"The airport represents a unique opportunity to invest in an integral part of the London airport system and offers a service proposition based around location, convenience, speed and customer service".