Macquarie and Ferrovial Sell Three Airports to AviAlliance

Macquarie Asset Management (Macquarie), via Macquarie European Infrastructure Fund 4, and Ferrovial, a Spanish multinational company, have reached an agreement to sell three airports owned by AGS Airports to AviAlliance for an enterprise value of approximately $1.94 billion.

The transaction is expected to reach financial close by Q1 of 2025, following the satisfaction of customary closing conditions and regulatory approvals.

AGS Airports owns and operates the primary airports serving Aberdeen, Glasgow and Southampton and these airports provide essential domestic and international connectivity to three important economic and population centres across the UK and serve more than 10.8 million passengers annually.

The airports contribute approximately $2.54 billion in Gross Value Added to the UK economy per year and support more than 30,000 jobs across a sophisticated supply chain.

AGS Airports was established as a 50:50 joint-venture between Macquarie and Ferrovial following their 2014 acquisition of the airport portfolio from Heathrow Airport Holdings Limited.

A partnership approach with Ferrovial has enabled AGS Airports to invest $317.08 million to deliver vital improvements, including: the largest investment in Aberdeen International Airport’s capacity since its main terminal was opened in 1977, the $25.37 million investment increased terminal space by 50% to accommodate enhanced security facilities, an increased retail offering, new areas for baggage reclaims, expanded business lounges, and new immigration and arrivals facilities.

The other improvements are a $11.41 million investment to revamp infrastructure at Glasgow Airport to accommodate all wide-body aircraft alongside improvements to a dedicated pick-up and drop-off facility, new car rental centre, expanded security facilities, and improved retail and lounge options, and a $17 million runway extension at Southampton Airport, which opened in 2024, securing the airport’s future contribution to local communities and businesses across the South East and importantly allowing for the airport to be able to operate larger aircraft and diversify its airline base.

During the COVID-19 pandemic, when the UK air arrivals fell by 89% between April 2020 to January 2021, Macquarie and Ferrovial also provided vital support to ensure the ongoing resilience of the airports group despite the unprecedented challenges posed to its day-to-day operations.

Better Experience for Passengers

Martin Bradley, Head of Infrastructure for Macquarie Asset Management in EMEA, said that since 2014, they worked in partnership with Ferrovial to support around $317.08 million of investment by AGS Airports aimed at delivering a better experience for passengers travelling via Aberdeen, Glasgow and Southampton airports.

AGS Airports CEO Andy Cliffe said that over the past 10 years, Macquarie and Ferrovial have played a central role in unlocking their 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. 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,” he added.

Macquarie has invested or arranged more than $76.10 billion in the UK infrastructure over the past two decades and is supporting $317.08 billion of investment across its portfolio over the coming years to deliver improved energy, transport, utilities, social and telecommunications infrastructure in England, Wales and Scotland.