IFM Investors is acquiring a 75% stake in the largest airport ground support equipment (GSE) owner and lessor in Spain and Portugal.
The global asset manager has agreed to acquire the majority interest in Air Rail, to gain control of the company with Air Rail’s founder and chairman, José Manuel García Prieto, retaining a 25% shareholding.
Air Rail manages a fleet of more than 4,000 GSE units, including boarding stairs, pushback tractors and baggage carts, and also offers full-service rental.
Air Rail’s growth is expected to benefit from the acquisition, gaining access to IFM’s experience in the airports sector, which spans 16 airports such as Manchester Airports Group, Flughafen Wien Group and Australia Pacific Airports Corporation across Europe, North America and Australia.
Kyle Mangini, global head of infrastructure at IFM Investors, said: “IFM is excited to work with Air Rail’s leadership team. GSE equipment is mission-critical infrastructure for airports – a sector which IFM knows extremely well.
“We have been impressed by Air Rail’s track record, operational excellence and customer-centric approach. We look forward to working closely with the company to accelerate its ambitious expansion plans.”
Jaime Siles, executive director at IFM Investors, said: “Air Rail is a leading company in the GSE leasing sector in Europe. We look forward to bringing IFM’s global expertise to support its growth across Europe, and globally.”
Prieto said: “We are truly excited to begin this new chapter under IFM’s ownership. Their extensive experience in the infrastructure sector, investment approach and commitment to sustainability make them an ideal partner to support our next phase of growth and will be key in helping us deliver even greater value to the GSE leasing sector.
“With IFM’s backing, we are well-positioned to accelerate our expansion plans across Europe and globally.”
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