The property developer will assume the same ownership structure as the airport, with VINCI Airports securing a 50.01% from Global Infrastructure Partners.

Edinburgh, UK – May 2, 2024 – Crosswind Developments, the property developer behind the proposed Elements Edinburgh site adjacent to Edinburgh Airport, has welcomed the deal which will see VINCI Airports (“VINCI”) secure a 50.01% stake in Edinburgh Airport for £1.27 billion.

The majority stake in the airport is to be sold by Global Infrastructure Partners (“GIP”) following the signing of a binding agreement with VINCI, the world’s leading private airport operator. The remaining 49.99% interest in Edinburgh Airport will continue to be managed by GIP upon the close of the transaction.

The deal means that Crosswind will assume the same ownership structure as the airport. Its management team and strategy will remain, with chairman Steve Dunlop and chief executive officer John Watson continuing in their respective roles.

As part of the agreement, GIP and VINCI will jointly lead investment in, and development of, Edinburgh Airport and establish a long-term strategic partnership for the airport’s future development, similar to the successful partnership established in 2019 at Gatwick Airport.

John Watson, chief executive of Crosswind Developments said: “This new partnership between GIP and VINCI is hugely welcome. It will provide a solid investment stream for the Elements Edinburgh site moving forward, as we work to deliver 3,000 new homes in the west of the city.”

Watson added: “Securing this kind of long-term backing from major investors is crucial if we are to create high-quality and sustainable communities, which meet the increasing demand for housing in Scotland’s capital.”

Edinburgh Airport is Scotland’s busiest airport and the sixth busiest airport in the United Kingdom, offering flights to more than 150 destinations across 40 airlines. The airport’s chairman Sir John Elvidge and chief executive officer Gordon Dewar will, along with other key leaders, remain in their roles.

The transaction’s completion is subject to the satisfaction of customary conditions including regulatory and competition clearances in relevant jurisdictions. The transaction is expected to close in mid-2024.