AMP capital becomes new infrastructure partner for Newcastle airport

AMP Capital’s European flagship fund, the Strategic Infrastructure Trust of Europe (SITE) has been chosen as the new partner for a 49% interest in the holding company for Newcastle International Airport.

AMP Capital has acquired the interest from Copenhagen Airports and seven local authorities (known collectively as LA7) will retain a 51% stake in the holding company. AMP Capital managing director for Europe, Boe Pahari, commented: “Newcastle Airport is the major airport serving the North-East of England and the Newcastle area. It is a high quality asset with excellent facilities used by more than 4.4 million passengers per annum. The airport already has the necessary infrastructure for further developing its commercial business and for meeting future demand for traffic growth. We look forward to working with the LA7 and Newcastle Airport management to add value and support the long term growth and development of the airport and the North East UK economy.”

Pahari added: “With its strong and balanced mix of airlines, Newcastle Airport will be a source of stable and growing cash flows for SITE’s investors. It will also bring significant diversification to SITE’s existing portfolio of assets.” SITE is an unlisted, open-ended diversified infrastructure fund which invests in a range of infrastructure sectors including energy, utilities, transport and social infrastructure in the UK and Western Europe.