Infrastructure fund Marguerite has sold its stake in Fraport Greece, one of Greece’s flagship airport privatizations, when the Greek government sold off 14 regional airports in 2017 under a 40-year concession.

Marguerite made the announcement on LinkedIn without issuing a formal press release. The pan-European investor said: “The transaction marks a successful exit after supporting an extensive modernization and expansion of Greece’s regional airport network.” The gateways include key tourist hotspots like Thessaloniki, Corfu, Rhodes, Chania (Crete), Mykonos, and Santorini.

Germany’s Fraport Group, which runs Frankfurt Airport, is yet to release its 2025 annual results, but according to its full-year 2025 traffic data, the operator’s 14 regional airports in Greece set a new record. Total passenger volume at the gateways rose by 3% versus 2024, to reach 37.1 million. In December, traffic at the 14 airports increased to 880,683 passengers, up 9.4%.

The 2025 passenger count is “12 million more than 2016, the year before the concession started,” according to Marguerite, which invested in Fraport Greece at the start of the concession. It took a 10% stake in December 2017, bought from Slentel, a company of the Copelouzos Group. The latter is still a shareholder with a stake thought to be slightly more than 25%. Fraport’s stake is currently 65%.

Large U.S. Infrastructure Investor is the Buyer

Michael Dedieu, Managing Partner at Marguerite, commented: “This divestment represents a successful completion of our investment objectives and reflects Marguerite’s disciplined approach to value creation and capital rotation.” He added: “The sale to a large U.S. infrastructure investor illustrates our ability to continue to crystallize value despite constrained exit markets.”

Marguerite did not name the buyer or disclose the transaction value.

Fraport Greece is a mature asset, with much of the portfolio consisting of tourism‑driven airports that have posted resilient, growing passenger volumes post-pandemic. The business is therefore an attractive option for infrastructure funds such as Global Infrastructure Partners (GIP), Stonepeak, Blackstone Infrastructure, KKR Infrastructure, or IFM Investors, but the name of the buyer is yet to be released.

In its most recent financial report for the third quarter and first nine months of 2025 (see table above), Fraport Group noted 9M revenue at Fraport Greece was up by 3.5% to €525.5 million. However, EBITDA declined by 5.9% to €261.5 million, and the final result (profit) was down by 9.8% to €107.2 million. The silver lining was that Q3 saw a turnaround in both EBITA and final result, up 6.1% and 7.6% respectively.

Fraport’s annual 2025 results will be released in mid-March.