AviAlliance and the co-shareholders of Budapest Airport Zrt. have sold the airport to a consortium consisting of the Hungarian state-owned Corvinus Zrt. and Vinci Airports.
Budapest Airport’s development
Under the ownership of AviAlliance and its co-shareholders GIC and CDPQ, Budapest Airport nearly doubled its passenger total from 8.4 million in 2008 to 16.2 million in 2019. In 2023, with 14.7 million passengers, Budapest Airport reached 91% of its pre-pandemic level, above the European average, and set a new air cargo record with a total of over 200,000 tons.
These results were enabled by the shareholders investing more than €700m (US$760m) in the expansion and development of the airport since 2007. Despite the Covid-19 pandemic, more than €200m (US$217m) has been invested in improving airport infrastructure and passenger comfort since 2020 alone. Developing the airport over the years contributed an estimated €2.85bn (US$3.10bn) to the Hungarian economy in 2022, approximately 3% of Hungary’s GDP.
Gerhard Schroeder, managing director of AviAlliance, previously the biggest shareholder in Budapest Airport, said, “Since our initial investment in 2007, Budapest Airport has grown significantly. Together with our co-shareholders, we have invested a total of more than €700m [US$760m] in the expansion and development of the airport. Thanks to this and to the dedication of its excellent management team and employees, the airport has been internationally recognized for its high-quality passenger service. We are convinced that our investments and development plans provide a solid foundation for continued success under the new ownership.”
Skytrax World Airport Awards
Following these investments, the airport the airport received its 11th consecutive annual Skytrax World Airport Award for “Best Airport in Eastern Europe” in April 2024. It also won the best airport in Europe prize at the prestigious Airport Service Quality (ASQ) Awards 2023 for its customer service among airports that handle 15 to 25 million passengers per year.
In related news, Budapest Airport’s (BUD) Cargo City recently opened a 10,000m2 extension, thanks in part to a multimillion-dollar investment by Menzies Aviation. Click here to read the full story.