In March 2026, GIP completed the acquisition of TCR Group, the world's largest independent lessor of Ground Support Equipment (GSE), from Egeria for an enterprise value of approximately €6bn (≈US$6.7bn). With a fleet of over 130,000 units deployed across 237 airports in 23 countries, TCR operates the invisible machinery that keeps every departure on schedule: baggage tractors, pushback tugs, passenger steps, and de-icing rigs.

The deal is the largest in the global GSE sector and positions GIP at the intersection of two structural trends: the electrification of airport ground operations and the outsourcing of GSE ownership by airlines and handlers. TCR's leasing model — equipment-as-a-service — mirrors the infrastructure thesis GIP has applied to runways and terminals: long-duration contracts, regulated-like returns, and assets that cannot easily be substituted. The global GSE market is projected to grow from $6.7bn to $9.2bn by 2032, driven by fleet electrification mandates.

For GIP's existing airport portfolio — Gatwick, Edinburgh, Sydney, MAHB — TCR creates a direct operational synergy: GIP now controls both the infrastructure asset and the ground equipment that runs on it. No other airport investor in the world holds that vertical integration at scale.

GIP's airport portfolio spans four decades of deal-making and four continents. From the 2009 acquisition of Gatwick to the December 2025 entry into the Philippines, the firm has assembled a concentrated set of high-traffic, strategically critical assets — each a gateway market, each with significant capex runway.

Across GIP's core airport portfolio, 2024 marked a pivotal shift from pandemic recovery to organic growth. Edinburgh Airport reported a record 15.8M passengers in 2024 and then surpassed it again in 2025 with 16.98M — up 7.5%, surpassing its 2019 benchmark for the first time and cementing its position as Scotland's busiest airport. London Gatwick handled 43.2M in 2024 and 42.8M in 2025, maintaining near-pre-COVID levels, while MAHB recorded 135M passengers in 2024 (96.1% recovery), then surged to 153.3M in 2025 (+13.6%), fully exceeding pre-COVID levels.