Canadian investors Public Sector Pension Investment Board (PSP Investments) and Caisse de depot et placement du Quebec (CDPQ) alongside Singapore’s GIC have sold Budapest Airport to Hungarian state-owned fund Corvinus and Vinci Airports in a €4.3bn deal.
The Budapest Liszt Ferenc International is being sold at an equity value of €3.1bn, plus net debt of €1.2bn to Corvinus and Vinci Airports which will own 80% and 20%, respectively.
Prior to the sale, PSP Investments, through its private industrial airport investment subsidiary AviAlliance, owned a 55.4% stake in the airport with GIC’s subsidiary Malton and CDPQ owning 23.3% and 21.2%, respectively.
Gerhard Schroeder, managing director at AviAlliance, said: “Since our initial investment in 2007, Budapest Airport has grown significantly. Together with our co-shareholders, we have invested a total of more than €700m in the expansion and development of the airport.
“Thanks to this and to the dedication of its excellent management team and employees, the airport has been internationally recognised for its high-quality passenger service. We are convinced that our investments and development plans provide a solid foundation for continued success under the new ownership.”
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