Ferrovial, through its subsidiary Ferrovial Aeropuertos subsidiary and Macquarie European Infrastructure have agreed to pay £1.04bn for three UK airports.

Macquarie’s Fund 4 and Ferrovial will buy Aberdeen, Glasgow and Southampton airports from Heathrow Airport Holdings.

The three airports will continue to be managed locally. Sir Peter Mason, Ccairman of Thames Water and former chief executive of AMEC plc, will be appointed as chair of the joint venture on completion of the sale.

Macquarie’s Fund 4 is managed by Macquarie Infrastructure and Real Assets (MIRA). Last month, the firm sold its stake in Bristol airport to Ontario Teachers’ Pension Plan. The CAD117bn Canadian institution, which had a 49% stake, took Macquarie’s 50% stake, gaining full ownership of the UK airport. Macquarie, which has also invested in Copenhagen Airport, held its stake in Bristol in its the European Infrastructure Fund.

Ferrovial, meanwhile, was recently part of a consortium with UK construction firm Laing O’Rourke selected by London Underground to design and build the city’s Northern Line extension. The £500m project is expected to complete by 2020.