AMP Capital Investors has agreed to buy a 49% stake in Newcastle International airport parent the NIAL Group from Copenhagen Airports.
A consortium of seven local authorities called LA7 will retain its 51% holding in the northeastern UK airport.
Coinciding with the sale, NIAL is refinancing its existing group facility and will seek new debt funding from AMP Capital and LA7.
Copenhagen Airports says that the divestment reflects its new focus on developing airports within the Danish capital.
The airports operator had purchased its minority stake in Newcastle airport in 2001 for a sum of £195 million ($312 million).
No figure was provided for the sale value agreed with investment house AMP Capital.
RBC Capital Markets acted as financial adviser and Baker & McKenzie acted as legal adviser on the transaction.