AviAlliance grew strongly in 2025, expanding its portfolio from four to seven airports while reporting higher passenger volumes and generally stronger financial performance across its holdings. The Düsseldorf-based company, a wholly owned subsidiary of Canadian pension investment manager PSP Investments, holds stakes in Aberdeen, Athens, Düsseldorf, Glasgow, Hamburg, San Juan and Southampton airports.

AviAlliance’s model combines long-term infrastructure investment with active airport management. Its holdings include indefinite-duration, fully or partially privatised assets in the UK and Germany, a public-private partnership at Athens running to 2046, and a concession at San Juan extending to 2053. Its ownership positions range from 30% at Düsseldorf and 40% at San Juan to 50.4% at Athens, 49% at Hamburg and 78% across the three AGS airports.

The portfolio handled approximately 95 million passengers in 2025, including the newly added AGS Airports (Aberdeen, Glasgow and Southampton). These airports added 11.5 million passengers to the portfolio. Athens International Airport remained the largest asset, serving a record 34 million passengers, up 6.6% from 31.9 million. San Juan Airport also set a record, with traffic rising 3% to 13.6 million. Düsseldorf increased throughput by 5% to 21 million passengers.

The year’s defining transaction was AviAlliance’s acquisition of AGS Airports, completed in January 2025. The deal added Aberdeen, Glasgow and Southampton, three established UK regional gateways, to the portfolio. AviAlliance subsequently sold a 22% minority interest to Blackstone Infrastructure for GBP235mn, retaining a 78% controlling stake. The partnership is intended to support connectivity, passenger-experience improvements and the airports’ contribution to their regional economies.