Owner of Glasgow, Aberdeen & Southampton Airports secures £745m refinancing
AGS Airports, the operator of Aberdeen, Glasgow and Southampton airports, has completed a £745m refinancing package with support from Allied Irish Bank (AIB), strengthening its financial position to support capital investment and long-term operational goals.
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The refinancing transaction was arranged through participation by AIB in a syndicate of lenders, and aims to underpin AGS’s ongoing investment plans in terminal upgrades, airfield improvements and energy-efficiency initiatives across its airport portfolio.
AGS Airports collectively handle more than 11 million passengers annually and provide significant economic support to their regions, including jobs and connectivity for businesses and communities.
According to the lenders and AGS, the refinancing will help the group continue its planned enhancements and meet rising passenger demand, while also backing the company’s sustainability agenda, which includes a commitment to achieve net-zero direct emissions by 2035 through more efficient infrastructure and energy-reducing technologies.
The financial package replaces or restructures existing debt facilities, supporting the group’s balance sheet and giving it greater financial flexibility to invest in capital projects and infrastructure renewal.
The move comes amid broader industry efforts to strengthen airport finances following years of volatility due to changing travel patterns and economic pressures after the COVID-19 pandemic — a period that challenged airport operators’ revenues and required careful capital management.
AGS Airports was established in 2014 and has undergone ownership changes in recent years. In late 2024 and early 2025, majority ownership passed to AviAlliance, a subsidiary of Canada’s PSP Investments, with a minority stake held by infrastructure investor Blackstone. These transitions were aimed at supporting long-term growth and investment across the group’s airports.
Officials involved in the refinancing said the transaction underscores investor confidence in the strategic importance and resilience of regional airport infrastructure, as well as the expectation of continued long-term growth in passenger traffic and airport services.