Aberdeen, Glasgow and Southampton airports owner sold in £1.53bn deal

The consortium behind Aberdeen, Glasgow, and Southampton airports is set to change hands in a transaction 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. The three hubs together shepherd more than 10.8 million travelers annually, playing a pivotal role in connecting vast regions across and the South East.

AviAlliance, a subsidiary under the complete ownership of Canadian pension fund giant, the Public Sector Pension Investment Board, is poised to integrate AGS Airports with its existing cache of international airports located in Athens, Dusseldorf, Hamburg, and San Juan, Puerto Rico. PSP Investments boasts significant stakes in UK infrastructure, including primary ownership of Forth Ports—one of the leading port operators sprawling across Scotland and England—as well as the railway titan Angel Trains.

AviAlliance's managing director, Gerhard Schroeder, 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."

Back in 2014, Ferrovial and Macquarie acquired the trio of airports from the Heathrow Airport group for £1.05bn, debts included. They then set up AGS Airports as a 50/50 joint venture following the takeover.

The pair say they have invested £250m across the three airports during their ownership, including £20m to boost Aberdeen International Airport’s terminal space by 50%, as well as a £17m runway extension at Southampton Airport.

Martin Bradley from Macquarie Asset Management expressed his contentment with the progress, saying, "Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth."

Ferrovial anticipates it'll snag a tidy capital gain of 290 million euros (£241.3m) from its half of AGS.