LEEDS Bradford Airport has been sold to an Australian investment fund.

AMP Capital has agreed to acquire 100 per cent of the airport which has four million passengers a year.

The Sydney-based company, which has a 49 per cent stake in Newcastle Airport, is buying LBA from Bridgepoint Advisers Limited on behalf of investors in its global infrastructure equity platform.

AMP Capital has a track-record spanning more than 20 years of investing in airports around the globe.

A mix of low-cost, charter and major international airlines operate at Leeds Bradford, which benefits from a catchment area containing 5.3 million people. Leeds and Bradford are the third and seventh largest cities in the UK, respectively, and the Leeds City Region is home to the UK’s largest financial and business services centre outside London.

Simon Ellis, Head of Origination, Europe at AMP Capital, said: "With its strong underlying fundamentals including freehold ownership with well-invested infrastructure, a diversified airline mix and its catchment area in an economic hub of the North of England, Leeds Bradford Airport is a highly attractive investment and a great fit for AMP Capital’s global infrastructure platform.

"We believe there is a clear opportunity for performance enhancement through tailoring and improving the customer experience and working collaboratively with our key partners including airlines, government and local businesses. In addition, the airport serves the Yorkshire and the Humber region, one of the fastest-growing regions in the UK with a population growth of six per cent since 2001 and there is also potential for further route development.

"AMP Capital’s heritage in transportation infrastructure investment and our experience of owning airports means we are well placed to develop the exciting opportunities presented by this investment."

Michael Davy, Partner at Bridgepoint, said: "Over the past five years of Bridgepoint ownership, passenger numbers have grown by almost 40 per cent to over four million, c. £30 million has been invested in capex projects including a terminal upgrade, employee numbers have grown from 200 to around 460, and EBITDA has grown by over 25 per cent per annum."

David Laws was appointed as LBA's new Chief Executive in May, after serving as Chief Executive of Newcastle Airport for ten years.