Macquarie Airports (MAP) on Tuesday announced an overhaul of its balance sheet that will see the Australian fund selling A$1.5bn of European airport assets to fund a A$1bn share buy-back and help deleverage the company.

The Sydney-listed fund, which is managed by Australia’s Macquarie Group, said it would sell stakes in Brussels and Copenhagen airports. The moves are expected to help boost the company’s share price, which has fallen by almost a third this year.