Airport ownership: Macquarie and Vinci transactions

What airport privatisation activity there has been in Europe recently has in the main been focused on the eastern part of the continent and on primary concession deals.

However, one secondary transaction has just taken place in what is the 'capital of Europe' (Brussels) and another has been authorised for the second airport serving London, the financial capital of the continent.

In the first instance, the transaction highlights the desirability of an airport, which in global terms is not a large attraction to a raft of new financial sector investors including a relative rarity, an insurance company. Also, it highlights the way that the addition of a simple connecting building between terminals at the expense of a dank tunnel can transform an airport.

The second is remarkable not so much for the buyer - whose sights must be zeroed on any primary level airport coming to market at the moment - but more for the sellers, and why they are exiting this airport now.