Glasgow, Aberdeen and Southampton airports have been sold by Macquarie Asset Management and Ferrovial to German group AviAlliance in a deal with an enterprise value of £1.53 billion.

AviAlliance is an airport management company headquartered in Düsseldorf and whose other airports are in Athens, Hamburg and San Juan.

Since 2013 it has been a wholly-owned subsidiary of Public Sector Pension Investment Board, a Canadian Crown corporation.

The AGS airports serve more than 10.8 million passengers annually and contribute approximately £2 billion in gross value added to the UK economy every year, supporting more than 30,000 jobs across the supply chain.

AGS Airports was established as a 50:50 joint-venture between Macquarie and Ferrovial after they were acquired from Heathrow Airport Holdings in 2014.

A partnership approach with Ferrovial has enabled AGS Airports to invest £250 million to deliver vital improvements, including the largest investment in Aberdeen International Airport’s capacity since its main terminal was opened in 1977.

There has also been a £9 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. A £17 million runway extension at Southampton Airport opened in 2024.

Martin Bradley, head of infrastructure for Macquarie Asset Management in EMEA, said said after a decade of investment, “we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”

Andy Cliffe, chief executive of AGS Airports, said: “Over the past 10 years, Macquarie and Ferrovial have played a central role in unlocking our 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.”

Macquarie has invested or arranged more than £60 billion in UK infrastructure over the past two decades and is supporting £20 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.

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