Industry Funds Management has purchased a 35.5 per cent strategic stake in Manchester Airports Group (MAG). This follows its successful bid to acquire London Stansted Airport for $2.3 billion.
MAG is one of the largest airport operators in the UK with a track record of successful airport management. It currently owns and operates Manchester, East Midlands and Bournemouth airports.
In the 12 months ending March 31 last year, the group's passenger numbers have risen by 6.7 per cent, revenues have risen by 8.6 per cent and underlying operating profit has increased by 26 per cent.
IFM's investment in MAG and their acquisition of London Stansted Airport has taken 18 months to reach financial completion.
MAG has a detailed integration plan in place to ensure seamless transition of ownership and operations at Stansted, which will ensure business as usual for passengers and customers.
IFM global head of infrastructure Kyle Mangini said, "As one of the largest airport operators in the UK, MAG has an outstanding track record of successful airport management. IFM's equity stake in MAG furthers our strategy of investing in high quality, core infrastructure assets."
