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Spanish firm buys Glasgow and Aberdeen airports

The Spanish firm Ferrovial has bought Glasgow, Aberdeen and Southampton airports in a deal worth £1.05 billion, exactly as I predicted last November.

Heathrow, the renamed BAA, has offloaded the three regional airports in a move that will free up cash for investment, potentially in a new runway. The buyer is a minority shareholder.

Ferrovial reduced its stake in Heathrow to 25 per cent after buying BAA in 2006. As I revealed in Scotland on Sunday last year it wanted to buy out the other shareholders in the three regional airports.

Ferrovial, an infrastructure firm, has teamed up with the Australian investment group Macquarie to buy the three airports.

It leaves all three major airports in Scotland in the hands of companies in the business of buying assets and hoping to improve them. Edinburgh is now owned by Global Infrastructure Partners which also owns Gatwick and London City.

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