The consortium behind Aberdeen, Glasgow, and Southampton airports is set to change hands in a sale exceeding £1.53bn.
Spanish construction giant Ferrovial and its investment partner Macquarie have struck a deal to offload AGS Airports to AviAlliance for £900m, whilst taking on an additional £653m of debt. The agreement is scheduled for completion in the first quarter of next year, subject to regulatory approvals.
AGS Airports owns and operates the primary airports serving Aberdeen, Glasgow and Southampton. According to Macquarie, the three airports serve more than 10.8 million passengers annually and contribute approximately £2 billion in Gross Value Added to the UK economy per year and support more than 30,000 jobs across the supply chain.
Martin Bradley, Head of Infrastructure for Macquarie Asset Management in EMEA, said: “Since 2014, we have worked in partnership with Ferrovial to support around £250 million 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.”
Airport specialist investment company AviAlliance says the decision to purchase AGS Airports was based on “strong fundamentals” and a “continued demand for business and leisure travel, which is expected to drive growth in domestic and international passenger traffic.”
Gerhard Schroeder, Managing Director of AviAlliance, said: “Aberdeen, Glasgow and Southampton airports provide vital connectivity for communities in Scotland and the South East of England. As a seasoned airport investor and manager with in-depth industry expertise, AviAlliance will enable each airport to realize their full potential. We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”
