France-based investment company Ardian has agreed to sell its 49% stake in London Luton Airport (LLA) to AMP Capital for an undisclosed sum.

In November 2013 Ardian, in a joint venture with Spanish airports operator Aena, bought the LLA concession from TBI for £394.4m. Granted by Luton Borough Council in the UK, the LLA concession is valid until 2031.

Following the acquisition, Ardian and Aena have committed over £160m of investments to develop the airport.

The investments have enabled the airport to increase its passengers from 9.7 million in 2013 to 15.8 million in 2017.”

“LLA is a perfect example of our strategy of developing airports through capacity expansion and improvement of passenger experience.”

LLA is currently the fifth largest airport in the UK in terms of passenger numbers.

Ardian executive committee member Mathias Burghardt said: “LLA is a perfect example of our strategy of developing airports through capacity expansion and improvement of passenger experience.

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“Ardian’s strategy of working with industrial partners and actively manage assets delivers superior returns to our investors.”

Ardian further noted that over the last four and a half years, a total of 3,000 direct and indirect jobs were created at LLA.

AMP Capital Infrastructure Equity global head Boe Pahari said: “London Luton Airport is a high-quality capital city airport with significant further growth potential, catering for the high-volume London market, which makes it a compelling investment opportunity.

“As experienced owners of airports we look forward to working with Aena to further develop London Luton through supporting investment in the infrastructure and identifying opportunities for route development, as well as further improving the passenger experience and the retail offering.”

AMP Capital is a global investment company with a significant presence in Australia.