Macquarie’s decision not to bid for Gatwick Airport follows an internal transfer of assets made last year by its parent that involved the sale by Macquarie Airports, one of several listed funds in Australia, of airport assets to Macquarie European Infrastructure Fund III, Macquarie’s largest European infrastructure fund.

Macquarie said the asset sale, which was conducted last August and gained shareholder approval in October, was done to reduce the debt in Macquarie Airports, which had suffered falls in its share price following the credit crisis.