THE world’s largest alternative investment firm has bought a stake in two Scottish airports, adding to its more than $1 trillion in assets.
US firm Blackstone announced on Friday that it had purchased 22% of AGS Airports, which controls both Glasgow and Aberdeen airports as well as Southampton in England, for £235 million.
Blackstone described the airports as “critical” to UK infrastructure and said it would help “the continued growth of the travel and tourism industries across the United Kingdom”.
AviAlliance, which has sold the stake, will remain the majority shareholder with 78%.
Greg Blank, the chief executive officer of Blackstone Infrastructure Strategies, said: “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel.
“AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth.
“We look forward to partnering with AGS to support this important growth in the United Kingdom.”
Gerhard Schroeder, managing director of AviAlliance, said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports.
“Together, we will further strengthen the position of AGS in both Scotland and the wider United Kingdom.”
Blackstone said it is the “world’s largest alternative asset manager”, meaning outside traditional stocks, bonds, or cash.
The firm said: “Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.”
Aberdeen, Glasgow, and Southampton airports serve more than 11 million passengers annually and support more than 30,000 jobs across the supply chain, Blackstone added.
