Global investment managers AMP Capital bought the facility, which last year handled 4 million passengers on both international and domestic short-haul flights, from previous owners Bridgepoint Advisers.

The fund bought a 49% stake in Newcastle airport in 2012.

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 6% 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% to over four million, circa £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 annum.”