...However, the investment of £100m will improve the asset, which remains in the ownership of LBC.
One wonders whether, at the end of the lease, the freeholder will just assume the benefit of all the investment, paid for by the lessee, without making any payment.
Also, it is not surprising that no lessee will invest during the last 10-15 years of their lease, as they will have insufficient time to earn any return. Presumably this means that, unless the airport enters a period of long-term decline, the lease will always be renewed very early to permit additional investment.