Ontario Teachers鈥� Pension Plan has sold its stakes in three UK airports to Macquarie Asset Management 鈥� more than 24 years after first entering the UK airports sector.
The Canadian pension fund has sold a 55% stake in Bristol Airport, a 26.5% interest in Birmingham Airport and a 25% share of London City Airport to Macquarie European Infrastructure Fund 7.
Ontario Teachers first invested in UK airport infrastructure in 2001, later acquiring direct stakes in Birmingham in 2007, Bristol in 2008 and London City in 2016.
In 2017, Ontario Teachers reduced its exposure to Bristol and Birmingham airports by selling stakes to New South Wales Treasury Corporation and Sunsuper Superannuation Fund (now Australian Retirement Trust). Ontario Teachers had previously taken full ownership of Bristol Airport in 2014, after acquiring Macquarie鈥檚 50% stake. Stepstone is also listed as a minority owner of Bristol Airport.
Ontario Teachers has owned a 48.25% stake in Birmingham Airport since it acquired an additional 19.25% stake from Victorian Funds Management Corporation in 2015. The rest of the airport is owned by West Midlands metropolitan boroughs and employees.
The Canadian investor had co-owned London City Airport as part of a consortium including fellow Canadian pension funds Alberta Investment Management Corporation and OMERS, and Wren House Infrastructure, an arm of the Kuwait Investment Authority.
Charles Thomazi, senior managing director and head of infrastructure for EMEA at Ontario Teachers, said: 鈥淯K airport infrastructure has been a key area of focus for Ontario Teachers over the past 20 years and we鈥檙e very proud to have supported Bristol, Birmingham and London City as they鈥檝e grown, developed and continued to strengthen the experience for passengers.
鈥淓ach airport plays an important role in its region and, with all currently undergoing expansion programmes, will continue to grow and deliver for their passengers, communities and the broader economy.鈥�
Macquarie is acquiring the stakes on behalf of its latest European infrastructure fund, for which it raised 鈧�8bn. Last year, a previous fund in the series sold a stake in AGS, the owner and operator of Aberdeen, Glasgow and Southampton airports.
Gordon Parsons, senior managing director at Macquarie Asset Management, said: 鈥淎s a leading investor in airports around the world, including the UK, we understand their importance to local communities and for economic growth. Collectively, Birmingham, Bristol and London City airports serve over 25m passengers each year and are a valued home for leading regional and global airlines.
鈥淓ach airport has a unique path for growth ahead, and we鈥檙e supportive of the management teams鈥� plans to deliver enhanced customer experiences and more routes to each of the communities they serve. We look forward to playing our part, as a long-term investor, to support all three airports on their development in the years to come.鈥�
To read the latest 91传媒在线 magazine click here.
