M&G : backs Bulgaria’s largest airport with €70 million to enhance connectivity and economic growth

London, 19 May 2026 - M&G today announces it has invested €70 million in SOF Connect EAD, the operator of Vasil Levski Sofia Airport, to support the modernisation and ultimately the expansion of Bulgaria's main international gateway.

M&G's financing is part of a wider €450 million, 22-year senior secured private placement that backs SOF's long-term plans to modernise the airport which also includes the future construction of a new passenger terminal, contributing to the economic growth and prosperity of this developing Central European region. SOF Connect EAD is wholly owned by global infrastructure investor Meridiam¹.

Sofia Airport plays a critical role in supporting economic growth, employment and international connectivity across Bulgaria and the wider region. The expansion will enable Sofia Airport to serve passenger demand that is expected to accelerate following Bulgaria's accession to the Schengen Area, and the most recent adoption of the euro as well as the airport's position as the country's principal international hub, vital for business, trade and tourism.

M&G's Infrastructure Debt team sits within the firm's £81 billion private markets division. M&G is one of the largest debt investors in airports with around £1.1bn of debt held in airport operators globally.
This transaction is funded primarily by long term annuity capital from M&G's With Profits Fund², alongside third-party investment, and reflects M&G's approach of providing patient capital to high quality, resilient infrastructure assets that play a critical role in supporting the development of national economies. It also highlights M&G's ambitious expansion in the UK pensions de-risking market, where it expects to write £3-4bn of annuity transactions annually, building on more than 25 years of experience and an existing annuity book of around £21bn.

Beata Sperling-Tyler from M&G's Infrastructure Debt team, said: "This investment demonstrates our ability to support such essential assets with long term financing. Airports are critical to economic development, connectivity and trade, and the modernisation of Sofia Airport is one of the best examples of it. As we continue to build our footprint across the continent, we remain focused on financing critical assets that deliver sustainable growth and resilient, long-dated outcomes for our investors."