GHG-AFCO, LLC, a joint venture formed between AFCO, Grosvenor House Group plc Aviation Division (GHG) and Harrow & Co. has finalized its first development project at London Luton Airport in the United Kingdom. The project was finalized on October 18th with the Luton-Burrow Council, owner of the Airport, and includes a 25-year ground lease for the development of an apron and taxiway at Luton. TBI, which manages airports around the world, operates the Luton Airport. AFCO-Luton UK will own 55% of the deal. The project is expected to be completed in July 2003.
AFCO is currently celebrating its 10-year anniversary as the leading developer and manager of on-airport cargo facilities in the United States. GHG, based in London, has over 15 years of experience in the development, financing and management of healthcare and other commercial and government-related properties. Harrow & Co., based in New Canaan, Connecticut, has over 10 years of experience in providing financing for airport development projects, including providing $62,000,000 in debt financing at seven projects for AFCO.