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NEWS Last modified on October 16, 2014

Heathrow sells Aberdeen, Glasgow and Southampton to Ferrovial and Macquarie

Ferrovial and the Macquarie fund have bought Aberdeen, Glasgow and Southampton airports for more than €1.3 billion after signing an agreement with Heathrow Airport Holdings Limited.

The deal will see a 50:50 partnership between Ferrovial, through its subsidiary Ferrovial Aeropuertos, and Macquarie European Infrastructure Fund 4 (MEIF4) for the purchase of the UK regional gateways.

The transaction is expected to complete no later than January 2015, and the three airports will continue to be managed locally to meet the needs of their local communities, with the added benefit of being supported by the joint ownership of Ferrovial and Macquarie.

The airports will continue to operate under the ownership of Heathrow Airport Holdings Limited until the transaction completes, and this is expected by no later than January 2015 and is subject to regulatory clearances and processes.

Iñigo Meirás, CEO, Ferrovial, explains: “As a long standing investor in the UK, we are aware of the importance of these airports for the population in their surrounding areas. The transaction proves how valuable these assets are for Ferrovial.

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"We are committed to improve these facilities and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations.”

Edward Beckley, European head of Macquarie Infrastructure and Real Assets, the manager of MEIF4, says the firm is looking forward to working with the airports over the long-term.

"We look forward to working with these airports over the long-term to support route growth and enhance the passenger experience for the communities they serve," he adds.

Sir Peter Mason, chairman of Thames Water and former CEO of AMEC plc, will be appointed as chairman of the group on completion of the deal.

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John Holland-Kaye, chief executive of Heathrow, says Aberdeen, Glasgow and Southampton airports and their people have been part of the company for a long time, and adds: "They are great airports and we are proud of their achievements.

"We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.

"This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally."

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