Property group Howard Holdings wants to acquire up to 10 regional airports across Europe in the next three years after buying Coventry Airport yesterday for more than £10 million (€14.25 million).
With no end in sight to the flood of Irish money into international property markets, the company's development programme in Ireland, Britain, central Europe and South Africa is worth in the region of £2 billion.
Howard Holdings development director Martin Jepson said it was already in the race to acquire a second airport, in Spain. "We'd like to build a portfolio of eight, nine or 10 regional airports over the next three years. We've looked at other airports in Britain and elsewhere in Europe," he said.
With offices in Dublin, Cork and Croydon, Howard Holdings has a relatively low profile. It is controlled by developers Frank Gormley and Greg Coughlan. From Co Kerry, Mr Gormley is chairman. Mr Coughlan, from west Cork, is chief executive.
Businessman Brendan Murtagh of Kingspan fame has a significant minority shareholding.
The company came to prominence briefly in 2003 when the Dáil Committee of Public Accounts heard a multi-storey car park built by its subsidiary Winston Properties at Beaumont Hospital, with the benefit of tax breaks, resulted in losses to the Exchequer of €13 million.
Howard Holdings will co-develop Coventry airport with Convergence-AFCO Holdings, an Anglo-American airport management specialist.
Howard Holdings has taken some 80 per cent of Coventry Airport, with its partner taking the remainder.
While the transaction has been valued at more than £10 million, Mr Jepson declined to specify the exact sum and said only that the deal was worth "several million".
