THE owner of two Scottish airports has been sold for more than £1 billion, it has been announced.
AGS Airports, which operates Glasgow, Aberdeen and Southampton Airports, has been acquired by German company AviAlliance for £1.53bn.
The airport management platform already has a portfolio of four airports which together served 73 million passengers in 2023, up 20% from 2022.
It promised to "responsibly develop" AGS Airports and improve its air connectivity, "expand route networks" and enhance passenger experiences.
AviAlliance is the wholly-owned airport platform of the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors.
Gerhard Schroeder, managing director of AviAlliance, said: “Aberdeen, Glasgow and Southampton airports provide vital connectivity for communities in Scotland and the south east of England.
"As a seasoned airport investor and manager with in-depth industry expertise, AviAlliance will enable each airport to realize their full potential.
"We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy."
Sandiren Curthan, managing director and global head of infrastructure investments at PSP Investments, added: “PSP Investments is a significant investor across several sectors in Scotland and more broadly, the United Kingdom, with over £10bn of investments in the United Kingdom.
"Our PSP Infrastructure strategy consists of investing in sectors where PSP Investments has strong expertise and a track record of delivering value for our beneficiaries. Airports is a sector which fits that strategy given AviAlliance’s deep operational expertise.
"We are delighted to add AGS Airports to our infrastructure portfolio and look forward to working with our key stakeholders to improve services to the communities in which AGS Airports operate, recognizing the critical role that these airports play in supporting economic growth in Scotland and England."
Andy Cliffe, chief executive officer 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.”
