The airports, which were privatised in 2003 are under long-term leases with the federal government, will continue to operate as usual despite the sale.
They are owned by BAC Holdco, a consortium including Mirvac Group, AustralianSuper and Colonial First State.
The initial sale was called off after shareholders decided to hold off for a better selling environment
The acquisition of 509 hectares comprises 313 hectares at Bankstown and 196 hectares at Camden, plus 31.8 hectares of surplus land at Bankstown and 8.3 hectares at Camden.
Altis principal, Shaun Hannah, said the ability existed to build on the existing infrastructure at both sites, particularly Bankstown
"The Bankstown asset is a very large, strategic infill landholding in western Sydney, which is home to Australia's pre-eminent multi-use general aviation airport," Mr Hannah said.
The airports are currently going through a significant expansion phase with the recently completed warehouse /office complex for Globus, the construction of a new NSW Ambulance Aeromedical Rescue service facility, significant refurbishment of the former Boeing Australia, subject to the approval of a major development plan, and the development by the Leda Group of a $160 million Bankstown Business Estate.
The proposed Leda development is expected to create more than 2000 jobs and include large retailers, cafes, family leisure entertainment, factory outlets and a business park.
