Macquarie Infrastructure and Real Assets (MIRA) has announced its purchase of business aviation-focused TAG Farnborough Airport from a group of private investors.
One of the investors, TAG Aviation, previously won the right to operate the airfield back in 1997, before purchasing the leasehold entirely in 2007. The Swiss aviation services firm has invested more than £120 million in the airport in total.
“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, who has served as CEO of TAG Farnborough Airport since 2006.
“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.”
MIRA made the acquisition via Macquarie European Infrastructure Fund 6, in a move that sees them take control of the airport and its 30,000 annual air traffic movements.
The first business aviation airport to be certified as carbon neutral by Airports Council International (ACI), Farnborough received approval to increase its capacity to 50,000, following a rise in activity of 7.4 per cent in 2017.
“We are delighted to announce our investment in Farnborough airport. In addition to holding an important place in Aviation history, the airport is known for its high-quality offering to customers,” said Leigh Harrison, head of MIRA EMEA.
“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.”