Glasgow and Aberdeen Airports sold in billion pound deal
The sale is expected to go through early next year
Aberdeen and Glasgow Airports are to be sold in a billion pound deal to a Canadian pension investor.
The deal, worth more than £1.53bn, is expected to be complete within the first quarter of next year, and will see Spanish construction giant Ferrovial and joint venture partner Macquarie sell AGS Airports to AviAlliance for £900 million, while the buyer will also take on £653 million in debts.
Southampton airport will also be included in the sale to the Public Sector Pension Investment Board, which already ones four airports in Athens, Dusseldorf and Hamburg, and San Juan.
Each year, more than 10.8 million passengers pass through the three airports, which provide connecting services to communities across Scotland the South East.
PSP Investments is already a long-standing investor in UK infrastructure projects, including a majority stake in Forth Ports, one of the largest port operators in Scotland and England, as well as rolling-stock giant Angel Trains.
Gerhard Schroeder, managing director of AviAlliance, said: "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."
Ferrovial and Macquarie teamed up to buy Aberdeen, Glasgow and Southampton airports from Heathrow Airport group in 2014 in a deal worth £1.05 billion, including debts.
They then set up AGS Airports as a 50/50 joint venture following the takeover.
The pair say they have invested £250 million across the three airports during their ownership, including £20 million to boost Aberdeen International Airport's terminal space by 50%, as well as a £17 million runway extension at Southampton Airport.
Martin Bradley, regional head of infrastructure for Macquarie Asset Management, said: "Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth."
Ferrovial said it estimated it would make a capital gain of 290 million euros (£241.3 million) for its 50% share of AGS.
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