Two of Scotland major city airports were sold in a £1 billion deal yesterday as the break-up of the former BAA empire was complete.
Owners Heathrow Airport Holdings (HAH) confirmed it had agreed a deal with its biggest shareholder Ferrovial and a Macquarie Infrastructure & Real Assets (Mira) fund to offload Glasgow, Aberdeen and Southampton airports for a collective £1.048bn fee.
The joint-venture partners said Thames Water chairman and former Amec chief executive Sir Peter Mason would be chairman of the new group, overseeing the operation of the three airports once the sale has been finalised.
However, they stressed the facilities would be managed locally to meet the needs of the communities they serve.
Aberdeen Airport is the gateway to Europe’s energy capital and caters for more than 3.4 million passengers a year on 118,000 flights. It also boasts the world’s busiest commercial heliport, shuttling around 500,000 oil and gas workers to offshore platforms in the North Sea annually.
Glasgow which welcomes 7.4 million passengers each year is positioned as Scotland’s principal long-haul airport, with more than 30 airlines offering flights to 100-plus destinations globally.
Ferrovial chief executive officer Inigo Meiras said efforts would be made under the new ownership structure to improve all three airports.
“As a long-standing investor in the UK we are aware of the importance of these airports for the population in their surrounding areas,” Mr Meiras said.
“The transaction proves how valuable these assets are for Ferrovial. 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, Mira’s European head, said: “As the world’s leading infrastructure asset manager, Macquarie has a long and successful track record of investing in and developing airports around the world.
“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.”
The sale expected to complete by January at the latest leaves just Heathrow in HAH’s portfolio.
The business previously operated as BAA and once ran seven airports around the country.
However, concerns over its monopoly position led to a Competition Commission inquiry and a ruling that it had to sell off Gatwick, Stansted and either Edinburgh or Glasgow.
The sale of Edinburgh to Global Infrastructure Partners, which had earlier moved to add Gatwick to its estate, was completed in 2012 for £807m.
HAH said the purchase price was being met through a combination of cash and assumed debt. However, the final value will not be known until the deal closes as HAH will be paid compensation for the time delay between the sale announcement and final close.
“Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time,” Heathrow chief executive John Holland-Kaye said.
“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.”