Pension fund increases Bristol Airport stake
17.09.09
The Ontario Teachers' Pension Plan has increased its stake in Bristol Airport. The Canadian pension fund, known as Teachers', already owns 14.5% of the airport. Yesterday it agreed to buy 35.5% of the airport from Australia's Macquarie Airports for £128m.
The deal values the airport at £360m and gives the fund, which first invested in the airport in 2002, a 50% shareholding. The remaining 50% is owned by Macquarie European Infrastructure Fund. The airport has welcomed the investment, which is subject to clearance from competition authorities, but is expected to be finalised by the end of this year.
Robert Sinclair, chief executive at Bristol Airport, said: ‘We are pleased to see Teachers' increase its stake in Bristol Airport. It has been a shareholder for some time and is fully supportive of the strategic direction of the business. It is committed to the long-term development of the airport, and the recent planning application.‘
Teachers' also owns approximately 48% of Birmingham Airport with a partner.
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