InfraBridge Agrees to Sell Majority Stake in Leeds Bradford and Newcastle Airports to Aena, Strengthening Long-Term UK Airport Partnership
InfraBridge, a leading global infrastructure investment manager, has announced that it has entered into a binding agreement to sell a majority interest in two key UK regional airports—Leeds Bradford Airport and Newcastle International Airport—to Aena S.M.E., S.A., the world’s largest airport operator by passenger numbers. The transaction marks a significant milestone in InfraBridge’s airport investment strategy and further deepens its long-standing partnership with Aena in the United Kingdom.
Under the terms of the agreement, InfraBridge will sell a 51% shareholding in a newly established holding company that owns 100% of Leeds Bradford Airport (LBA) and 49% of Newcastle International Airport (NIAL). Following completion, InfraBridge will retain a 49% ownership stake in the holding company and will continue to play an active role in overseeing and managing its investment. The transaction values the stake being sold at approximately GBP 270 million, underscoring the strong operational performance and future growth potential of both airports.
Transaction Structure and Conditions
The deal is subject to customary closing conditions, including regulatory and competition approvals, and is expected to complete once all relevant requirements have been satisfied. Both InfraBridge and Aena have emphasized that the transaction is structured to ensure continuity of operations and long-term strategic alignment.
Importantly, Leeds Bradford Airport and Newcastle International Airport will continue to operate as independent entities. Both airports are freehold assets, providing long-term ownership security and operational flexibility, and their existing management teams will remain in place. This structure is designed to preserve each airport’s distinct regional role while benefiting from the operational expertise and global scale that Aena brings as a majority shareholder.
Leeds Bradford Airport: A Key Gateway for Yorkshire
Leeds Bradford Airport plays a vital role in regional connectivity across West and North Yorkshire. In its most recent financial year ending March 2025, the airport served approximately 4.3 million passengers, connecting the region to key domestic and international destinations.
As the principal airport serving Leeds, Bradford, and the wider Yorkshire region, LBA supports tourism, trade, and inward investment while facilitating business and leisure travel for millions of passengers each year. The airport has benefited from sustained investment in infrastructure, customer experience, and sustainability initiatives, positioning it well for future growth.
With strong demand from low-cost carriers, charter operators, and full-service airlines, Leeds Bradford Airport continues to expand its route network and airline partnerships. Ongoing and planned capital investments aim to enhance terminal capacity, improve operational resilience, and deliver a more seamless passenger journey. These initiatives align closely with Aena’s global expertise in airport modernization and passenger-focused operations.
Newcastle International Airport: The North East’s Global Connector
Newcastle International Airport serves as the primary international gateway for the North East of England. In the financial year ending December 2024, the airport welcomed approximately 5.2 million passengers, supported by a portfolio of 16 airlines offering scheduled services to more than 80 direct destinations. Through one-stop connections, passengers can access over 300 destinations worldwide.
The airport plays a central role in supporting the North East economy, connecting businesses to global markets and facilitating inbound tourism. It also supports key regional industries, including energy, advanced manufacturing, life sciences, and digital technology, by providing vital air links to Europe and beyond.
Newcastle International Airport has demonstrated consistent recovery and growth following the disruption caused by the pandemic, with strong demand across leisure, visiting friends and relatives (VFR), and business travel segments. The airport’s diversified airline mix and route portfolio provide a solid foundation for long-term resilience and expansion.
Strategic Rationale for InfraBridge
For InfraBridge, the transaction represents a strategic evolution of its airport portfolio, allowing the firm to crystallize value while maintaining significant exposure to two high-quality UK aviation assets. By retaining a 49% stake in the holding company, InfraBridge signals its continued confidence in the long-term prospects of both airports and its commitment to supporting their development.
Justin Symonds, Managing Director and Head of Airports at InfraBridge, highlighted the importance of the transaction in reflecting the strong fundamentals of both assets.
“This agreement reflects the strong performance and long-term potential of both airports,” Symonds said. “Leeds Bradford and Newcastle are critical gateways for the communities they serve, and we are excited about their future growth prospects. Aena is a trusted partner with deep operational expertise, and we are very pleased to be strengthening our relationship as the airports transition into their next chapter.”
InfraBridge’s investment philosophy emphasizes long-term ownership, operational improvement, and sustainable growth. The firm has a strong track record of working alongside experienced operators and public-sector stakeholders to enhance infrastructure assets that deliver essential services to communities.
Aena’s UK Growth Strategy
For Aena, the acquisition represents another important step in its international growth strategy, particularly in markets with strong long-term demand fundamentals such as the United Kingdom. Aena already holds a 51% stake in London Luton Airport, one of the UK’s fastest-growing airports, and has accumulated extensive experience operating within the UK regulatory and commercial environment.
Maurici Lucena, Chairman and CEO of Aena, described the transaction as a strategically significant move that reinforces the company’s commitment to international expansion.
“This international operation is an important step in Aena’s commitment to markets with great potential such as the United Kingdom, where we already have long experience through our 51% stake in London Luton Airport,” Lucena said. “Our Strategic Plan establishes international growth in the geographies in which we are present as a lever to generate value for our shareholders. With this operation, we also strengthen our alliance with InfraBridge as a long-term strategic partner in the United Kingdom.”
Aena’s global portfolio includes dozens of airports across Spain, Latin America, and other international markets. Its expertise spans operational efficiency, commercial development, digital transformation, and sustainability—capabilities that are expected to support continued growth and service improvements at Leeds Bradford and Newcastle.
Strengthening a Proven Partnership
The transaction builds on the successful collaboration between InfraBridge and Aena at London Luton Airport, where the two companies have worked together to drive traffic growth, enhance passenger facilities, and advance sustainability initiatives. That partnership has demonstrated the benefits of combining InfraBridge’s investment and asset management capabilities with Aena’s operational scale and technical expertise.
By extending this partnership to Leeds Bradford and Newcastle, both parties aim to apply proven best practices while tailoring strategies to the specific needs and characteristics of each airport and its catchment area.
Benefits for Passengers, Airlines, and Regions
Both InfraBridge and Aena have emphasized that the transaction is expected to deliver tangible benefits for passengers, airline partners, and the regional economies served by the airports. Planned investments are expected to focus on improving passenger experience, enhancing operational reliability, and supporting airline growth through competitive and efficient airport operations.
Regional stakeholders, including local authorities, businesses, and tourism organizations, are expected to continue working closely with airport management to ensure that future development aligns with local economic priorities and environmental objectives.
As the transaction moves toward completion, Leeds Bradford Airport and Newcastle International Airport enter a new phase of ownership that combines continuity with enhanced global expertise. With strong demand fundamentals, diversified route networks, and committed long-term investors, both airports are well positioned to support regional growth and connectivity in the years ahead.
The deal highlights the ongoing attractiveness of UK regional airports to international infrastructure investors and operators, particularly those with a long-term perspective on aviation’s role in economic development. For InfraBridge and Aena, the agreement represents not only a financial transaction but a strategic commitment to the future of UK aviation infrastructure.
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