<!-- Swiftype Variables -->

Pension Funds

Ontario Teachers sells stakes in 2 U.K. airports to Sunsuper, New South Wales unit

travel bags and airplane in sky

Ontario Teachers' Pension Plan, Toronto, agreed to sell stakes in two U.K. airports to Sunsuper Superannuation Fund and the asset management unit of Australia's New South Wales government, according to an OTPP spokesman.

The C$180.5 billion ($140.8 billion) Ontario pension fund will own 70% of Bristol Airport and 33.8% of Birmingham Airport once the deal closes.

Brisbane, Australia-based Sunsuper, with A$46 ($35.3 billion) in assets, and the A$90 billion New South Wales Treasury Corp., Sydney, will each own 15% of Bristol Airport and 7.1%.

Ontario Teachers, Treasury Corp. and Sunsuper will own, respectively, 70%, 15% and 15% of Bristol Airport and 33.8%, 7.1% and 7.1% of Birmingham Airport.

The deal is expected to close later this month.

Ontario Teachers said it had acquired full ownership of Bristol Airport and a 48% stake in Bristol Airport, both in 2014, "with the intention of bringing in new partners," said a news release about the deal.

Along with the two U.K. airports, OTPP owns stakes in London City, Brussels and Copenhagen airports. Those three airports are not part of this deal.