Heathrow Airport Holdings is selling its 100% interest in Aberdeen, Glasgow (pictured) and Southampton airports to a 50:50 consortium formed by Ferrovial and Macquarie for £1,048m ($1.69bn).

 

World Duty Free Group is the incumbent core-category travel retailer at all three UK regional airports.

 

Ferrovial Aeropuertos, a subsidiary of Spanish infrastructure group Ferrovial, and Macquarie Infrastructure Fund 4 (MEIF4) each have an equity interest of 50%, in the consortium which is buying NDH1, a company which holds 100% of the share capital of the airports of Aberdeen, Glasgow and Southampton.

 

The £1,048m figure is made up of cash and assumed debt, payable in full at closing which is expected no later than January 2015. The deal is subject to EU merger regulation clearance.

 

ROUTE EXPANSION PLANNED

Commenting on the acquisition, Iñigo Meirás (left), CEO, Ferrovial says: “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. We are committed to improve these facilities… in order to grant access to further domestic and international destinations.”

 

Edward Beckley (right), European Head of Macquarie Infrastructure and Real Assets, the manager of MEIF4, adds: “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 three airports will continue to be managed locally, says Ferrovial. Sir Peter Mason, Chairman of Thames Water and former CEO of AMEC plc, will be appointed as Chairman of the group on completion.

 

John Holland-Kaye, Chief Executive of Heathrow, comments: “Aberdeen, Glasgow and Southampton airports 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.”

 

AIRPORT PROFILES

Aberdeen Airport processes 3.4m passengers and 118,000 flights annually with 21 airlines serving 48 destinations. The Scottish airport is the gateway to Europe’s energy capital and is the world’s busiest commercial heliport, transporting more than 500,000 passengers in support of the North Sea oil and gas industry.

Glasgow Airport is Scotland’s principal long-haul airport as well as its largest charter hub. Approximately 7.4m passengers and 80,000 flights pass through every year with 30 airlines serving more than 100 destinations.

Southampton Airport handles approximately 1.7m passengers and 40,000 flights per year with 15 airlines serving more than 40 destinations.