Macquarie Asset Management, through its Macquarie European Infrastructure Fund 4, and Ferrovial have agreed to sell AGS Airports, which operates Aberdeen, Glasgow, and Southampton airports, to AviAlliance for approximately £1.53 billion.
This landmark transaction will see AviAlliance take ownership of an airport group that serves 10.8 million passengers annually and contributes around £2 billion to the UK economy.
AGS Airports was founded as a 50:50 joint venture between Macquarie and Ferrovial in 2014 following their acquisition from Heathrow Airport Holdings. Over the past decade, the partnership invested £250 million in enhancements, including:
Aberdeen International Airport: A £20 million upgrade expanded the main terminal by 50%, adding new security facilities, retail areas, baggage reclaim zones, business lounges, and improved immigration services.
Glasgow Airport: Infrastructure improvements worth £9 million enabled the airport to accommodate wide-body aircraft, alongside new car rental facilities, enhanced security, and retail offerings.
Southampton Airport: A £17 million runway extension, completed in 2024, allowed for larger aircraft and broadened airline partnerships, bolstering the airport’s long-term value to the local community and economy.
Throughout the COVID-19 pandemic, Macquarie and Ferrovial continued to support AGS Airports as passenger numbers declined by 89%, ensuring the stability of airport operations during the global crisis.
Leadership and Future Growth
Martin Bradley, Head of Infrastructure for Macquarie Asset Management in EMEA, praised the investment journey, saying, “Since 2014, we have supported £250 million of investment by AGS Airports. Following this decade of investment, we are pleased to pass the baton to AviAlliance to unlock the next phase of growth.”
Andy Cliffe, CEO of AGS Airports, acknowledged Macquarie and Ferrovial’s crucial support: “Their partnership allowed us to enhance our passenger services and operations. We look forward to continuing to develop our impact on passengers and communities across Aberdeen, Glasgow, and Southampton.”
AviAlliance’s New Role and Future Plans
The acquisition aligns with AviAlliance’s vision to further develop the UK airports’ connectivity and services. Expected to close by Q1 2025 pending regulatory approvals, the acquisition signifies a new chapter for AGS Airports, allowing AviAlliance to guide the group’s long-term development.
Macquarie, a key player in UK infrastructure, has invested over £60 billion across sectors including transport, energy, and telecommunications, with another £20 billion in upcoming projects, showcasing its dedication to enhancing the UK’s infrastructure landscape.