The two investment funds bought the stake from Macquarie Airports Group and Ireland's Dublin Airport Authority, VFMC, the investment arm of Australia's Victoria state government, said in a statement on Tuesday.

VFMC said its 19.6 percent stake in the UK airport makes its first directly owned overseas infrastructure asset. VFMC manages about AUD$40 billion (USD$33 billion) in assets.

"Birmingham Airport is the cornerstone of a portfolio of direct infrastructure investments we intend to build over the coming years," Leo de Bever, VFMC's chief investment officer, said in the statement.

Birmingham, the UK's fifth largest airport, handles more than nine million passengers every year.

Macquarie Airports, a global airport investment fund, and Dublin Airport said in January they were exploring the sale of their combined interest in the airport.

Macquarie had a 15.5 percent direct stake in the airport.

Demand for UK airport assets has soared in the past two years following a boom in air travel.

(Reuters)