London (Parliament Politics Magazine) – Macquarie Asset Management and Ferrovial, via Macquarie European Infrastructure Fund 4, have agreed to sell AGS Airports to AviAlliance.
On Wednesday, Spanish infrastructure giant Ferrovial and its partner Macquarie confirmed that it will sell the operating rights to three UK airports. The deal, valued at £900 million ($1.15 billion), transfers ownership to AviAlliance UK, a major player in aviation investments
According to Ferrovial CFO Ernesto Lopez, in May, the owners of AGS Airports, Ferrovial and Macquarie, who hold equal shares in the Glasgow, Southampton, and Aberdeen airport operators, were expecting this sale early this year.
Ferrovial and Macquarie both own a 50% stake in AGS, which was founded in 2014.
AGS Airports, in partnership with Ferrovial, has directed £250 million to make essential improvements, which include:
The major investment in Aberdeen International Airport since the opening of its main terminal in 1977.
The £20m investment which expanded terminal space by 50% has delivered enhanced security facilities, increased retail selection, new baggage reclaim areas, larger business lounges, and new immigration and arrival areas.
Glasgow Airport is set to revamp from a 9 million investment including infrastructure improvement to support all wide-body aircraft, upgraded pick-up and drop-off facility, a new car rental centre, expanded security, and enhanced retail and lounge spaces.
Southampton Airport has opened a 17 million runway extension in 2024, ensuring its enhanced contribution to local communities and business in the South East, while expanding the operation of larger aircraft and attracting a broader range of airlines.
Head of infrastructure for Macquarie Asset Management in EMEA, Martin Bradley, 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.
He added, “Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.
Andy Cliffe, CEO of AGS Airports, stated, “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”.
He insisted, “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”.
Macquarie reports that the three airports serve more than 10.8 million passengers annually.
Last year, Ferrovial announced that it would sell its stake in Heathrow, the busiest British Airport.
A statement from Ferrovial revealed that the new deal values the business at £1.54 bullion, including £653 million in debt.
Ferrovial, a leading company in airports and toll roads, is seeking investments in the US, its primary market.
Two years ago in 2022, Ferrovial opted to invest in the New Terminal One project at New York’s JFK Airport, a project responsible for designing, building and operating the new terminal. This is expected to open in 2026.
Ferrovial expects the AGS Airport sale could be completed at the start of 2025, pending regulatory approvals. The company estimates a capital gain of approximately 290 euros from the sale.