Heathrow Airport Ownership Shift and Investment Context
Ferrovial has completed the sale of a portion of its stake in Heathrow Airport, a cornerstone of UK and European air infrastructure. In the market disclosure, the Spanish group confirmed it disposed of 25% of its holding for £2.368 million, with the euro value aligned to the current exchange rate. The move signals Ferrovial’s exit from being the single largest owner of Heathrow, while preserving its strategic relationship with the airport’s continuing management and partners.
The buyers are two investment funds, Ardian and Public Investment Fund of Saudi Arabia, which acquired 15% and 10% respectively, each employing their own financial instruments. Ferrovial informed investors that the deal will honor existing privileged purchasing rights and full support rights, maintaining the ongoing governance framework with FGP Topco, the vehicle currently owning Heathrow through its partnership network.
Among the largest shareholders in the airport structure are the Qatar Investment Authority with a 20% stake, Warehouse and Docking in Québec at 12.62%, Singapore’s GIC at 11.2%, North American investor Alinda Capital Partners at 11.18%, China Investment Corporation at 10%, and the Universities Pension Plan also at 10%. The completion of the sale is subject to regulatory approval and compliance with relevant laws. Once finalized, the ownership mix will reflect a broader distribution among four state-backed funds from the Middle East and Asia, alongside North American and other Asian investors.
The liquidation of Ferrovial’s direct ownership aligns with earlier strategic expectations reported by Reuters in August 2022, when market analysts pegged Heathrow’s value at around €24.3 billion. In Ferrovial’s consolidated accounts, the book value of its Heathrow stake is reported as zero, highlighting the difference between market value and book accounting during this transition.
Key Heathrow Operational Figures
Heathrow Airport handles about 80.9 million passengers annually, supported by nearly half a million flights and services from more than 80 airlines. The facility connects travelers to around 206 destinations worldwide, underscoring its role as a major global hub. The airport employs roughly 76,868 people across its operations, reflecting its status as a significant employer in the region.
Ferrovial has invested more than £12 billion since acquiring the airport in 2006, funding a series of major expansion and modernization programs. Notable projects include the opening of Terminal 5 at a cost of roughly £4.3 billion, the construction and commissioning of Terminal 2, a complex development roughly the footprint of 25 football fields, and the creation of what is often described as the world’s largest integrated baggage system, capable of processing about 7,200 pieces of luggage per hour in peak flow. These milestones underscore Heathrow’s evolution into a highly connected, high-capacity gateway for international travel.
Luke Bugeja, the CEO of Ferrovial Aeropuertos, spoke to the National Securities Market Commission, reflecting on nearly two decades of partnership and transformation. He stated that investors and shareholders have contributed to reshaping Heathrow into one of the most connected airports globally, with record traffic in Europe, and expressed pride in the collaborative achievements that have driven Heathrow’s growth.
Ferrovial has a longstanding footprint in aviation across multiple markets. The group holds significant interests in several European and North American facilities, including a 50% stake in Aberdeen, Glasgow, and Southampton airports in the United Kingdom; a 60% stake in Dalaman airport infrastructure in Turkey; and a 60% share in operations at a major facility in Turkey. It is also a 49% partner in the new Terminal One project at John F. Kennedy International Airport in New York, illustrating Ferrovial’s broad international airport exposure and ongoing development efforts.