Manchester Airports Group has raised over £340 million through the sale of property assets outside its core portfolio.
The airport operator will use funds raised through the sale of assets to Columbia Threadneedle Investments to reinvest in its three UK airports, Manchester, East Midlands and London Stansted.
The properties sold make up a portfolio if assets around the sites of the group’s airports, collectively managed by subsidiary, MAG Investment Assets Ltd, which the investment firm Columbia Threadneedle has acquired. The group has also sold part of its interest in Manchester’s Airport City development, reducing its stake from 50% to 20%.
Manchester Airports Group chief executive, Charlie Cornish (pictured), said:
Realising value from our non-core property portfolio to invest in our core growth areas has been a key component of our growth strategy for a number of years.
“The current process began prior to the impact of COVID-19 and we are pleased to complete this sale, despite these challenging circumstances, complementing MAG’s financial response to COVID-19.
“We wish the new owners every success and are confident that the property portfolio and development interests will continue to flourish and support the local economy as we focus on continued growth at Manchester, London Stansted and East Midlands airports.”