Australia’s Macquarie Asset Management has reacquired significant stakes in key UK airports, taking a majority share in Bristol Airport and minority interests in Birmingham and London City airports, signaling a renewed push to support growth, sustainability, and connectivity within the country’s regional travel infrastructure.
Australia’s Macquarie Asset Management has announced the acquisition of significant stakes in three prominent UK airports—Bristol, Birmingham, and London City—as part of its strategy to bolster infrastructure investments in the travel sector. The firm will take a 55% stake in Bristol Airport, 26.5% in Birmingham Airport, and 25% in London City Airport, with the latter acquisition having reached financial close concurrently with the announcement. The transactions involving Bristol and Birmingham airports are subject to regulatory approval, with finalisation expected by the fourth quarter of 2025.
These airports collectively serve over 25 million passengers annually and play a crucial role in regional and international connectivity. Macquarie has stated its intent to support their growth by expanding route networks, enhancing passenger experience, and advancing sustainability initiatives. Gordon Parsons, senior managing director at Macquarie Asset Management in EMEA, emphasised the importance of these airports to local communities and economic development, expressing commitment to long-term investment and collaboration with management teams to foster the airports’ development in the coming years.
Macquarie brings a lengthy history of airport investments, having owned infrastructure assets across various countries including Australia, Belgium, Italy, Denmark, Ecuador, and Colombia. Notably, they divested from AGS Airports, which operates Aberdeen, Glasgow, and Southampton airports, after a decade of ownership. During their stewardship, Macquarie, alongside partner Ferrovial, invested hundreds of millions of pounds in infrastructure improvements such as a runway extension at Southampton and upgrades at Glasgow Airport to accommodate wide-body aircraft. These investments aimed to enhance operational capacity and diversify airline offerings.
The acquisition of the stakes from the Ontario Teachers’ Pension Plan—a previous owner since the mid-2000s—comes amid broader renewed investor interest in UK airports following the COVID-19 pandemic’s impact on travel. This wave of investment is mirrored by other major transactions such as Blackstone’s £235 million purchase of stakes in Aberdeen, Glasgow, and Southampton airports, and sales involving Ferrovial’s Heathrow holdings. These movements coincide with the UK government’s focus on expanding airport capacity, particularly within London, underscoring the sector’s strategic significance.
Macquarie’s renewed engagement with airports in the UK is also notable considering its prior divestment from Bristol Airport in 2009, when it sold a 35.5% stake to Ontario Teachers’ Pension Plan as part of a portfolio reshuffle. Since then, Macquarie has maintained a strong relationship with the UK airport sector, including providing a £45 million long-term debt facility to Bristol Airport in 2015 to support its financing needs and growth plans. This background of involvement underlines the firm’s consistent focus on infrastructure growth and operational enhancement.
The London City Airport stake acquisition forms part of Macquarie’s broader strategy to invest in key infrastructure assets, with the minority stake purchase recently confirmed as closed. Observers note that Macquarie’s investments are expected to support these airports in broadening their airline routes and improving the overall passenger experience, addressing a growing demand for efficient regional and international travel hubs.
In related developments, Leeds Bradford Airport recently opened a new terminal as part of a £100 million expansion project, reflecting ongoing investments and growth trends within the UK’s airport sector. Together, these investments and infrastructure improvements demonstrate a sector-wide push to revitalise and expand airport capacity to meet post-pandemic travel demands and sustainability goals.
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Source: Noah Wire Services
- https://www.passengerterminaltoday.com/news/airport/macquarie-to-purchase-stakes-in-bristol-birmingham-and-london-city-airports.html – Please view link – unable to able to access data
- https://www.reuters.com/world/asia-pacific/australias-macquarie-picks-up-stakes-uk-airports-2025-06-18/ – Australia’s Macquarie Group has announced the acquisition of stakes in Bristol, Birmingham, and London City airports from the Ontario Teachers’ Pension Plan. The investments include a 55% stake in Bristol Airport, a 26.5% share in Birmingham Airport, and a 25% interest in London City Airport. While the financial details of the transactions were not disclosed, Macquarie has already completed the financial close for the London City Airport stake, with the other deals expected to finalise by the fourth quarter of fiscal 2025. The three airports collectively serve over 25 million passengers annually. Macquarie stated its intent to support these airports’ long-term growth through enhancements such as expanding route networks and improving the overall passenger experience.
- https://www.ft.com/content/430135b6-7f55-40b6-9b2a-e23ea831766b – Macquarie Asset Management, Australia’s leading infrastructure investor, has acquired significant stakes in three UK airports from the Ontario Teachers’ Pension Plan, highlighting renewed investor interest in the travel sector following the pandemic. The acquisitions include a 25% stake in London City Airport, a 55% share in Bristol Airport, and a 26.5% stake in Birmingham Airport. While the sale of the London City stake has been finalised, the Bristol and Birmingham deals are pending regulatory approval and expected to close by year-end. Ontario Teachers previously acquired these holdings between 2007 and 2016. Macquarie’s investment comes amidst scrutiny over its prior ownership of Thames Water, criticised for heavy debt and dividend payments. Despite past controversies, Macquarie emphasises the growth potential of these airports due to their unique catchment areas and aims to support the expansion of airlines’ route networks. These transactions are part of a broader wave of investment in UK airports, including Blackstone’s £235 million deal for stakes in Aberdeen, Glasgow, and Southampton airports, and Ferrovial’s sale of its Heathrow holdings to Ardian and Saudi Arabia’s sovereign wealth fund. This surge in investment aligns with the UK Labour government’s focus on airport expansion, particularly in London.
- https://www.airportwatch.org.uk/2009/09/macquarie-airports-sells-its-stake-in-bristol-airport/ – In September 2009, Macquarie Airports agreed to sell its 35.5% stake in Bristol Airport to the Ontario Teachers’ Pension Plan for £128 million. This sale was part of a broader reshuffling of Macquarie’s European portfolio, which also included increasing its holding in Copenhagen Airports. The decision to divest from Bristol Airport was influenced by the airport’s relative size within Macquarie’s portfolio and the desire to deploy resources elsewhere. The sale price represented a 12.7% discount to the asset’s value at June 30, 2009, and an historic EV/EBITDA multiple above 20x. The transaction was expected to result in a net cash inflow of approximately A$120 million, enhancing Macquarie Airports’ capital flexibility.
- https://www.macquarie.com/in/en/about/news/2015/macquarie-provides-p45m-debt-financing-to-bristol-airport.html – In June 2015, Macquarie Infrastructure Debt Investment Solutions (MIDIS) provided a £45 million debt facility to Bristol Airport as part of a wider debt refinancing process. This financing was intended to support the airport’s long-term financing needs and was structured as a long-term debt facility maturing in 2030. The refinancing combined a mix of tenors and liquidity sources, making it an innovative and alternative financing facility for the airport. This was the second airport financing completed by MIDIS, following a £115 million inflation-linked Class B note maturing in 2036 for Heathrow. The investment aimed to provide certainty of execution to Bristol Airport and support its growth and development.
- https://news.sky.com/story/aussie-giant-macquarie-takes-off-with-stake-in-london-city-airport-13381120 – Macquarie Asset Management is nearing a deal to acquire a significant minority interest in London City Airport, the capital’s fifth-busiest airport. The transaction is expected to be finalised soon, with Macquarie purchasing the stake from at least one of the airport’s Canadian shareholders. The valuation of the agreement was not disclosed at the time of reporting. This move is part of Macquarie’s broader strategy to invest in key infrastructure assets and aligns with its previous investments in UK airports, including Bristol and Birmingham. The acquisition is anticipated to support the airport’s growth and development, enhancing its route networks and passenger experience.
- https://www.theguardian.com/business/2024/nov/24/uk-airports-bristol-birmingham-london-city-sale – In November 2024, reports emerged that the Ontario Teachers’ Pension Plan (OTPP) was in talks over the potential sale of its stakes in Bristol, Birmingham, and London City airports. The Canadian pension fund was reportedly seeking to sell its holdings to minority shareholders, aiming to capitalise on the post-pandemic resurgence in air travel. The discussions highlighted the dynamic nature of airport ownership and the strategic decisions made by institutional investors in response to market conditions and growth opportunities. The potential sale underscored the ongoing interest and investment in the UK’s airport sector, reflecting its importance to the economy and connectivity.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was first reported on June 18, 2025, by Reuters ([reuters.com](https://www.reuters.com/world/asia-pacific/australias-macquarie-picks-up-stakes-uk-airports-2025-06-18/?utm_source=openai)) and the Financial Times ([ft.com](https://www.ft.com/content/430135b6-7f55-40b6-9b2a-e23ea831766b?utm_source=openai)). The Passenger Terminal Today article was published on June 23, 2025, indicating a 5-day gap. The earlier reports provide similar information, suggesting the Passenger Terminal Today article is a republished version. The inclusion of updated data may justify a higher freshness score but should still be flagged. The earlier versions show consistent figures and dates, with no discrepancies noted.
Quotes check
Score:
9
Notes:
The direct quotes from Gordon Parsons in the Passenger Terminal Today article are identical to those in the earlier reports from Reuters and the Financial Times. This suggests the quotes have been reused, indicating a lack of originality.
Source reliability
Score:
7
Notes:
The narrative originates from Passenger Terminal Today, a reputable source in the airport industry. However, the fact that it republishes content from other established outlets like Reuters and the Financial Times raises questions about its originality. The earlier reports from Reuters and the Financial Times are from reputable organisations, strengthening the overall reliability.
Plausability check
Score:
8
Notes:
The claims about Macquarie’s acquisition of stakes in the three UK airports are plausible and align with previous reports. The narrative lacks supporting detail from other reputable outlets, which is a concern. The language and tone are consistent with typical corporate communications, and there are no inconsistencies noted.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is a republished version of earlier reports from reputable sources, lacking originality and containing reused quotes. The absence of additional supporting details and the reliance on previously published information raise concerns about its freshness and originality.
