Avialliance, the airports platform of Public Sector Pension Investment Board (PSP Investments), will take over from the Ferrovial and Macquarie Asset Management consortium.

AGS Airports owns and operates the primary airports serving Aberdeen, Glasgow and Southampton. These airports provide essential domestic and international connectivity to three important economic and population centres across the UK and serve more than 10.8 million passengers annually. The airports contribute approximately £2bn in Gross Value Added to the UK economy per year and support more than 30,000 jobs across a sophisticated supply chain.

AGS Airports was established as a 50:50 joint-venture between Macquarie and Ferrovial following their 2014 acquisition of the airport portfolio from Heathrow Airport Holdings Limited. A partnership approach with Ferrovial has enabled AGS Airports to invest £250 million to deliver vital improvements, including:

The largest investment in Aberdeen International Airport’s capacity since its main terminal was opened in 1977. The £20m investment increased terminal space by 50 per cent to accommodate enhanced security facilities, an increased retail offering, new areas for baggage reclaims, expanded business lounges, and new immigration and arrivals facilities.

A £9m investment to revamp infrastructure at Glasgow Airport to accommodate all wide-body aircraft alongside improvements to a dedicated pick-up and drop-off facility, new car rental centre, expanded security facilities, and improved retail and lounge options.

A £17m runway extension at Southampton Airport, which opened in 2024, securing the airport’s future contribution to local communities and businesses across the South East and importantly allowing for the airport to be able to operate larger aircraft and diversify its airline base.

During the COVID-19 pandemic, when UK air arrivals fell by 89% between April 2020 to January 2021, Macquarie and Ferrovial also provided vital support to ensure the ongoing resilience of the airports group despite the unprecedented challenges posed to its day-to-day operations.

Martin Bradley, head of infrastructure for Macquarie Asset Management in EMEA, said: “Since 2014, we have worked in partnership with Ferrovial to support around £250m of investment by AGS Airports aimed at delivering a better experience for passengers travelling via Aberdeen, Glasgow and Southampton airports.

“Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”

Andy Cliffe, CEO 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.”

Macquarie has invested or arranged more than £60bn in UK infrastructure over the past two decades and is supporting £20bn of investment across its portfolio over the coming years to deliver improved energy, transport, utilities, social and telecommunications infrastructure in England, Wales and Scotland.

The transaction is expected to reach financial close by Q1 2025, following the satisfaction of customary closing conditions and regulatory approvals.