PSP Investments Expands Global Airport Footprint with Strong Growth and Strategic Redevelopment

Justin Lee

Singapore

October 31, 2025

ATH

© Curtis Grad / Modalis

Over the past year, PSP Investments has strengthened its position as a leading global airport investor through record infrastructure returns, the GBP1.53bn acquisition of AGS Airports, and major capital programs driving sustainable growth across its portfolio.

The past year has been a landmark period for the Public Sector Pension Investment Board (PSP Investments) and its airports portfolio, managed through its wholly owned subsidiary AviAlliance. PSP’s infrastructure division achieved a 17.8% one-year rate of return in fiscal 2025, outperforming its benchmark by a wide margin and underscoring the strength of its transportation assets. The infrastructure portfolio generated CAD5.6bn in income and achieved five-year returns of 13.8%, well above the benchmark of 10.8%, reflecting value creation and resilient demand across its airport holdings.

At Athens International Airport (AIA), where AviAlliance is the majority shareholder, passenger traffic grew 6.7% year-on-year to 26.2 million passengers in the first nine months of 2025. Despite strong traffic, AIA reported a 4.8% decline in net profit to EUR185.8mn, mainly due to higher operating costs and concession fees tied to performance. Nevertheless, management expects full-year profits to stabilize around EUR200mn, supported by ongoing expansion projects and a long-term growth plan.

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