Saudi Arabia’s Public Investment Fund (PIF) has unveiled a bid for a 49% stake in the Newcastle Airport in the UK after being announced for sale.
The announcement comes after the PIF secured a 15% stake in London Heathrow on 12 December, alongside French private equity firm, Ardian, which won a 22.6% stake in the airport.
Offering the Newcastle Airports for sale is the latest announcement in a series of airport takeovers in the UK. Last month, London City, Birmingham and Bristol airports also announced as being up for sale by their Canadian pension fund owner.
Located in the UK’s North East region, Newcastle Airport is the 11th busiest airport in the UK.
Crucially, approximately 4.9 million passengers passed from the airport in 2023 with ambitious plans to surpass the five million passengers mark this year.
Furthermore, the total revenues for the airport in the 2023 financial year witnessed a surge of 22% reaching £79.1 million.
Meanwhile operating profit increased 36% to £33.9 million.
Interestingly, the airport is worth GBP1 billion, according to The Times.
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