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AMP expands airport portfolio with Leeds Bradford acquisition

The Sydney-based firm already has stakes in hubs in Melbourne, Launceston, Newcastle Airport and Budapest.

AMP Capital has acquired a 100 percent interest in Leeds Bradford Airport, an international airport in Yorkshire, UK, from Bridgepoint Advisors.

Transaction details were not disclosed, but AMP said it invested through its global infrastructure equity platform, which includes the $2.4 billion Global Infrastructure Fund. Bridgepoint acquired Leeds Bradford Airport in 2007 for £145.5 million ($191.3 million; €162.3 million).

The airport serves the city of Leeds, the UK’s third-largest by population, and Bradford, the seventh-largest. Over the past five years, passenger numbers have grown by 40 percent to more than 4 million, and Bridgepoint has invested £30 million in capex projects including a terminal upgrade.

“With its strong underlying fundamentals including freehold ownership with well-invested infrastructure, a diversified airline mix and its catchment area in an economic hub of the north of England, Leeds Bradford Airport is a highly attractive investment,” said Simon Ellis, AMP’s head of origination in Europe, said.

The Sydney-based firm has a track record of investing in airports. It has stakes in Melbourne and Launceston Airports in Australia, Newcastle Airport in the UK and Budapest Airport in Hungary.

AMP managed A$178.9 billion ($140.4 billion; €119 billion) in assets as of 30 June. It’s infrastructure business has $8.3 billion of assets under management. Earlier this month, the firm announced its largest North American deal – the full purchase of logistics company ITS Cong lobal from Carlyle Infrastructure Partners. ITS is valued at around $500 million.