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Local pension pot to fund Aberdeen Airport deal

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The proposed takeover of Aberdeen International Airport could boost the pensions of public sector workers in the north-east.

The Press and Journal revealed on Tuesday that the airport could land new flights and millions of pounds of investment as one of Europe’s top operators bids to take it over.

A consortium led by Zurich Airport and investment firm Partners Group has moved to buy the Dyce terminal.

And last night it emerged that some of the finance for the deal will come from the North East Scotland Pension Fund – which manages the retirement packages for police, fire and local authority workers in the region.

The deal could see profits from the airport fed back into the local pension pot – benefiting local people rather than just shareholders.

The initial approach is believed to have been rejected by current owners Heathrow Airport Holdings (HAH), formerly known as BAA.

But a follow-up offer – including bids for Glasgow and Southampton airports – is expected in the coming months.

No value has been put on the deal, but a rival offer from Spanish infrastructure firm Ferrovial valued the three assets at about £800million.

Zurich Airport and Partners Group went public with their bid for Glasgow in February, as the consortium also includes the Strathclyde Pension Fund.

Partners Group and Zurich Airport refuse to discuss “potential investment activities” involving Aberdeen.

However, a source has confirmed to the Press and Journal that another bid will be made – and that they are confident a deal can be done.

Zurich Airport is investing millions of pounds in its own facilities and was recently rated as the second best in Europe for customer satisfaction.

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