Brussels Airport

Unlocking the potential of a European transport and logistics hub.


In 2004, MAM-managed funds were selected by the Belgian Government to partner in the ownership and long-term development of Brussels Airport.

After 15 years, in which MAM’s team actively supported the business as it delivered more than €1 billion in capital investment to transform passenger experience and facilitate growth, MAM announced that it had reached an agreement to sell its remaining interest in the business to new investors.


Sector                                Infrastructure

Sub-sector                          Transport

Invested                              2004 - 2019

Ownership at entry             75%

Ownership at exit               36%


Location                     Belgium

Far-sighted investment approach

Capital investment during MAM’s tenure was centred around a major terminal re-configuration and upgrades to increase capacity. Passenger experience was also enhanced with the delivery of improvements to the airport’s retail layout and quality, reduced connection times and the introduction of state-of-the-art passenger processing facilities, including Europe’s largest security screening hall.

In addition, Brussels Airport developed a new airport business district and oversaw the delivery of world-class cargo facilities to further its position as a logistics hub.

Departures hall

Alongside the capital investment programme, flight route development remained a key focus. Partnering with existing and new airlines, Brussels Airport was able to offer travellers 30 per cent more destinations served by nearly 80 carriers1. This contributed to a significant increase in passenger numbers during MAM’s investment – from 15 million in 2004 to nearly 26 million by 20182.

These changes cemented the airport’s importance to the Belgian economy. At the time of MAM’s divestment, Brussels Airport contributed more than €3.2 billion in added economic value each year3. Today, it is one of the largest sources of employment in the country – almost 20,000 people are employed on the site and a further 50,000 jobs are generated elsewhere3.

Control tower

Embedding carbon reduction initiatives

MAM’s long-sighted investment strategy ensured that initiatives to reduce the airport’s environmental impact were embedded in building and operation design. This included the installation of solar panels on rooftops and around the airport’s perimeter, which now enable Brussels Airport to generate 2,792MWh of green energy to power its operations4.

During the period of MAM’s investment, the airport managed to grow passenger numbers by more than 60 per cent whilst significantly reducing energy consumption and CO2 emissions. These efforts were recognised when the airport achieved the highest possible Airport Carbon Accreditation certificate – Carbon Neutral – from Airports Council International in 2018.

Transformed the airport’s capacity, service and sustainability to create long-term value for Belgium.

Swipe for more
€1 billion capital investment over 15 years1
Over 60% increase in passengers1
€3.2 billion added economic value annually3
Carbon neutral status achieved5

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All information current as at 15 March 2019, unless otherwise stated.


1 2004 - 2019

2 Brussels Airport Traffic Report 2004, 2018.

3 Brussels Airport Modelling

4 Brussels Airport Environmental Report 2018.

5 Airport Council International 2018.