OTPP to buy Macquarie's 50% stake in Bristol Airport(2)

The deal would land full ownership of the asset to the C$140.8bn pension, which first invested in Bristol Airport in 2002.

 

Ontario Teachers’ Pension Plan (OTPP) is looking to buy the 50 percent stake in Bristol International Airport held by Macquarie's European Infrastructure Fund, bringing its holding in the UK's ninth busiest airport to 100 percent. 

“We intend to exercise our right of first offer for Bristol Airport, which would take our ownership stake to 100 percent,” a spokeswoman for OTPP told Infrastructure Investor in an email response.

If completed, the deal would underscore the C$140.8 billion (€96.7 billion; $128.7 billion) pension fund's unabated interest in airport assets. 

The pension fund began investing in airports in 2002, and already owns approximately 49 percent of Bristol airport. It also has a 48 percent stake in Birmingham International Airport (jointly with Melbourne-based Victorian Funds Management Corporation), a 30 percent interest in Copenhagen Airport and a 39 percent interest in Brussels Airport.

Transportation and logistics investments currently account for 56 percent of OTPP's infrastructure portfolio, in front of energy (24 percent) and water and waste (20 percent), according to OTPP's website.

The pension's infrastructure portfolio totalled $11.7 billion at the end of 2013 and generated a 16.8 percent return last year.