Macquarie Asset Management, through its Macquarie European Infrastructure Fund 7, has agreed to acquire ownership stakes in Bristol, Birmingham, and London City airports on behalf of long-term institutional investors, including pension funds and insurance companies.
The acquisition comes via a deal with Ontario Teachers’ Pension Plan and includes a 55 per cent stake in Bristol Airport, a 26.5 per cent stake in Birmingham Airport, and a 25 per cent stake in London City Airport.
Bristol Airport, the largest in the south-west of England, has historically been one of the UK’s fastest-growing regional airports.
Serving around 10 million passengers annually and operating routes to 115 destinations, the airport contributes approximately £2 billion to the regional economy each year.
Birmingham Airport, the seventh largest in the UK, handles around 13 million passengers per year. Centrally located in the Midlands, it is within two hours of travel for over half the population of England and Wales.
The airport supports an estimated 30,000 regional jobs and offers over 140 direct international routes through approximately 30 carriers.
London City Airport, known for its proximity to the City of London and Canary Wharf, handles over 3.5 million passengers annually.
The airport serves more than 30 leisure and business destinations across the UK and Europe and employs over 2,000 staff on site.
Macquarie expressed its commitment to supporting all three airports over the long term, aiming to expand their route networks, enhance the passenger experience, and work alongside stakeholders to advance each airport’s sustainability strategy.
“As a leading investor in airports around the world, including the UK, we understand their importance to local communities and for economic growth,” said Gordon Parsons, senior managing director at Macquarie Asset Management in EMEA.
“Collectively, Birmingham, Bristol and London City airports serve over 25 million passengers each year and are a valued home for leading regional and global airlines.
“Each airport has a unique path for growth ahead, and we’re supportive of the management teams’ plans to deliver enhanced customer experiences and more routes to each of the communities they serve.”
Macquarie has been an active airport investor for over two decades, with experience in markets including Australia, Belgium, Italy, Denmark, Ecuador, and Colombia.
It recently exited its investment in AGS Airports, which operates Aberdeen, Glasgow, and Southampton airports.
During that ownership period, Macquarie and its partner Ferrovial invested £250 million in improvements, including a £9 million upgrade at Glasgow Airport and a £17 million runway extension at Southampton Airport, opened in 2024.
Having operated in the UK for over 35 years, Macquarie is now one of the country’s largest infrastructure investors. Since 1999, it has invested and arranged over £60 billion in UK infrastructure, and in October last year, announced plans to invest an additional £20 billion.
Macquarie European Infrastructure Fund 7 is reportedly the largest-ever fund focused on European infrastructure and marks the seventh edition of Macquarie’s European Fund series.
Since 2004, the series has committed over €24 billion across the UK and Europe.
The acquisition of London City Airport has reached financial close, while the Bristol and Birmingham stakes are expected to complete by the fourth quarter of 2025, subject to regulatory approvals.
Transaction terms have not been disclosed.
