£1.2bn doesn't surprise me.
I'm not suggesting 'nothing' is going on. But there are no Airport City lettings yet so not much will happen until then. The other bit of Airport City, the logistics hub, is a few warehouses down by J6 of the M56. No big deal. Most casual observers won't even associate them with MAG.
And no I don't think I'm being over dramatic. I'm just suggesting that's what happens when newspapers get their hands on a story. They will - rightly in my opinion - ask why such an important project is discussed with airline partners before a breath of it is whispered to the locals. They are being naive in thinking that it won't be leaked anyway - and then they are on the back foot.
Furthermore, whilst I understand that MANMAG sees airlines as its customers and not passengers, they would be a little short-sighted in not consulting us too before they nail down their plans.
After all the airlines are only there because of us passengers.
Anyway, on the face of it, it all looks like a massive upgrade to the facilities. I'd be (pleasantly) surprised to see it all realised in the next 10 years though.