Ontario Teachers’ Pension Plan, Toronto, increased to 50% its stake in Bristol International Airport, North Somerset, England, buying a 35.5% stake from Macquarie Airports, according to news releases from the C$87.4 billion (US$81.5 billion) plan and Bristol airport.
The Ontario Teachers plan has held a stake in the airport since 2002, increasing its holding over the last seven years to 14.5%, confirmed OTPP spokeswoman Deborah Allan.
Macquarie European Infrastructure Fund holds the other 50% stake in BIA, according to the Bristol news release.
“Teachers’ is a substantial long-term investor in key infrastructure assets around the world, including other leading airports, and we are very pleased to be increasing our investment in BIA,” Stephen Dowd, senior vice president and head of infrastructure investing for OTPP, said in the Bristol news release. “As an experienced investor in the sector and a Bristol shareholder for several years, we have strong confidence in the airport’s outlook and future prospects, and we are fully supportive of its long-term development strategy.”
The deal is expected to close before the end of the fourth quarter, pending antitrust clearance, according to the news release.
Other OTPP infrastructure holdings include roughly 48% of Birmingham (England) International Airport with partner Victoria Funds Management, 11% of Sydney Airport in Australia, 25% of Scotia Gas Networks and 50% of InterGen, which operates gas-fired power plants in the U.K. and elsewhere.