Macquarie acquires Farnborough Airport
Macquarie Infrastructure & Real Assets (“MIRA”) has acquired Farnborough Airport from TAG Aviation, through its Macquarie European Infrastructure Fund 6.
Although the terms of the transaction have not yet been disclosed, Macquarie has acquired 100% of the shares in the airport, including the iconic Aviator Hotel.
Previously known as TAG Farnborough Airport, the facility will now revert to just being called Farnborough Airport.
TAG had previously taken the airport on lease from the UK’s Ministry of Defence in 2003 for £3 million. In 2007 it acquired the freehold for a further £1 million.
“We are delighted to announce our investment in Farnborough Airport. In addition to holding an important place in UK aviation history, the airport is known for its high-quality offering to customers.” Said Leigh Harrison, head of EMEA, MIRA. “Drawing on our extensive experience managing airport infrastructure around the world, we look forward to partnering with Farnborough Airport to ensure it remains an important contributor to the local economy and a business aviation gateway to London and the South East.”
Farnborough is the second busiest London-area airport for business jets. The airport is home to a number of business jet operators, including GAMA Aviation.
Gulfstream Aerospace announced in 2018 that it would relocate its Maintenance, Repair Overhaul (MRO) from Luton Airport to Farnborough, with groundbreaking for the new facility taking place in May 2019.
“The significant investment that has occurred at Farnborough Airport over the past two decades under the previous shareholders has been transformative,” said Brandon O’Reilly, CEO, Farnborough Airport.
“With a number of development projects already underway, we are excited to partner with Macquarie to further develop our offering to the business aviation market.”