The Canadian Pension fund sold its holdings in Bristol, Birmingham and London City Airports
Macquarie Asset Management‘s Macquarie European Infrastructure Fund 7 acquired from Ontario Teachers’ Pension Plan (OTPP) the stakes in the UK Airports of Bristol (55% – acquired in 2008), Birmingham (26.5% – 2007) and London City (25% – 2016) (vendor statement and buyer press release)
In 2014, OTPP purchased 50% of Bristol Airport from Macquarie and in 2017 sold minorities of the asset to New South Wales Treasury Corporation and Australian Retirement Trust (fka Sunsuper Superannuation Fund). StepStone is a further investor in Bristol Airport. In 2015, OTPP acquired 19.25% of Birmingham Airport from Victorian Funds Management Corporation and reached a 48.25% stake (press release). The metropolitan districts of the West Midlands and their employees own the remaining shares in the asset.
OTPP formed a consortium with Alberta Investment Management Corporation, OMERS and Wren House Infrastructure, a portfolio company of Kuwait Investment Authority.
Bristol Airport is the largest airport in the South-West of England and one of the fastest growing regional airports in the UK. It serves around 10 million passengers each year and operates routes to 115 destinations, contributing around 2 billion GBPs to the regional economy.
Birmingham Airport is the seventh largest airport in the UK, handling around 13 million passengers per year. It’s in the heart of the Midlands and is accessible to over half the population of England and Wales within 2 hours by train or car and is home to around 30 airlines, serving over 140 direct international routes and supporting around 30,000 jobs in the region.
London City is the capital’s most central airport, offering excellent connections to the City of London and Canary Wharf and welcoming more than 3.5 million passengers annually and serving more than 30 tourist and business destinations in the UK and Europe, employing more than 2,000 staff on site.
Charles Thomazi, OTPP senior ceo and EMEA infrastructures head, said: “The UK’s airport infrastructure has been a key focus area for Ontario Teachers over the past 20 years and we are very proud to have supported Bristol, Birmingham and London City in their growth, development and continuous improvement of the passenger experience. Each airport plays an important role in its region and, with all currently undergoing expansion, will continue to grow and deliver services to passengers, communities and the wider economy.”
Gordon Parsons, senior managing director of Macquarie Asset Management, added: “As a leading investor in airports around the world, including the UK, we understand their importance to local communities and economic growth. Collectively, Birmingham, Bristol and London City airports serve over 25 million passengers each year and are a valuable location for major regional and global airlines. Each airport has a unique growth path and we support the management teams’ plans to deliver better customer experiences and more routes to each of the communities they serve.”
Macquarie Group has been operating for over 35 years in the UK where it invested over 60 billion in infrastructure to date. In October 2024, the firm said it aims to invest a further 20 billion GBPs in British infrastructures (press release). Macquarie European Infrastructure Fund 7 is the largest sector vehicle ever raised. Since 2004, the Macquarie European Infrastructure Fund series committed over 24 billion euros of capital in the UK and Europe, in addition to the other resources that the parent company’s funds manage in the region.
