In a major deal worth £1.5 billion, the ownership of Glasgow and Aberdeen airports has been sold. Spanish construction giant Ferrovial and joint venture partner Macquarie have reached an agreement to sell AGS Airports to AviAlliance for £900 million, with the buyer also taking on £653 million in debts. The transaction is set to be finalized in the first quarter of the following year.
Announced recently, the sale involves the group behind Aberdeen, Glasgow, and Southampton airports. These airports collectively cater to over 10.8 million passengers annually, offering connecting services to various communities in Scotland and the South East. AviAlliance, owned by the Canadian pension investor, the Public Sector Pension Investment Board, will now include AGS Airports in its portfolio alongside airports in Athens, Greece; Dusseldorf and Hamburg in Germany; and San Juan in Puerto Rico.
Gerhard Schroeder, managing director of AviAlliance, expressed commitment to long-term support for the airports to enhance route networks, improve the passenger experience, and implement sustainability strategies. In 2014, Ferrovial and Macquarie acquired Aberdeen, Glasgow, and Southampton airports from the Heathrow Airport group in a deal valued at £1.05 billion, inclusive of debts. Following the takeover, AGS Airports was established as a 50/50 joint venture.
Throughout their ownership, Ferrovial and Macquarie have invested £250 million across the three airports, including significant upgrades such as a 50% expansion of terminal space at Aberdeen International Airport and a £17 million runway extension at Southampton Airport. Martin Bradley, regional head of infrastructure for Macquarie Asset Management, stated their satisfaction in handing over the reins to AviAlliance to drive the airports into the next phase of growth.
The sale is projected to result in a capital gain of 290 million euros (£241.3 million) for Ferrovial’s 50% share of AGS. The deal marks a significant development in the landscape of airport ownership and operations, with the potential for further expansion and enhancements under the new ownership.
In summary, the sale of Glasgow and Aberdeen airports to AviAlliance for £1.5 billion marks a transformative shift in the ownership of these key transportation hubs. The acquisition by AviAlliance, backed by the Canadian pension investor, reflects a strategic move to bolster airport operations and foster growth in route networks and passenger experiences. With a commitment to sustainability and long-term support, the future looks promising for the continued development of these airports in Scotland and beyond.