Heathrow’s owner confirms sell-off of its other three airports
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Version 0 of 1. Heathrow has confirmed it is to sell the other three airports it owns in a deal worth just over £1bn. The buyers for Aberdeen, Glasgow and Southampton airports are a consortium formed by Spanish construction firm Ferrovial – still the largest single shareholder in Heathrow – and Macquarie, the Australian investment bank, which recently sold its interest in Bristol airport. The owning group, Heathrow Airport Holdings, wishes to focus on its sole remaining asset at Heathrow, and on winning support for a third runway at Britain’s main aviation hub. The sale, expected to close by January given clearance by European competition authorities, will cost Ferrovial-Macquarie £1.048bn in cash and assumed debt for the three airports. Aberdeen, Glasgow and Southampton are the last airports that the former BAA owned outside Heathrow after regulators forced the sale of Gatwick, Stansted and Edinburgh. John Holland-Kaye, the chief executive of Heathrow, said: “Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. 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.” At a time when some regional British airports have been struggling, the investment by two multinationals may boost confidence in their future. Aberdeen has 3.4 million passengers a year, with 21 airlines and 118,000 flights. It is also the world’s busiest commercial heliport, transporting more than half a million passengers a year working in North Sea oil and gas fields. Glasgow, Scotland’s main long-haul airport, serves 7.4 million passengers a year, and Southampton 1.7 million. Iñigo Meirás, the chief executive of Ferrovial, said: “As a longstanding 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 and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations.” |