Macquarie Asset Management, through its European Infrastructure Fund 4 fund, together with Ferrovial, are selling AGS Airports to AviAlliance in a deal that values the business at £1.53bn (€1.8bn) including debt.
AGS Airports was established as a 50:50 joint venture between Macquarie and Ferrovial following their 2014 acquisition of the airport portfolio from Heathrow Airport Holdings.
During their ownership the partnership enabled AGS Airports to invest £250m to deliver various improvements to the airports including a £20m investment in Aberdeen Internatinal to increase terminal space by 50%; a £9m investment to revamp infrastructure at Glasgow Airport; and a £17m runway extension at Southampton Airport.
Martin Bradley, head of infrastructure for Macquarie Asset Management in EMEA, said: “Since 2014, we have worked in partnership with Ferrovial to support around £250m of investment by AGS Airports aimed at delivering a better experience for passengers travelling via Aberdeen, Glasgow and Southampton airports.
“Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”
Andy Cliffe, chief executive officer of AGS Airports, said: “Over the past 10 years, Macquarie and Ferrovial have played a central role in unlocking our full potential. Their close partnership with the teams across our three airports ensured we had the support to invest in our passenger offering while improving our operations.
“We are grateful for their close stewardship and look forward to continuing to develop our services and beneficial impact on passengers and communities across the regions of Aberdeen, Glasgow and Southampton.”
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