Canadian pension fund buys Bristol Airport stake
17.09.09
Canadian pension fund the Ontario Teachers' Pension Plan is to become the co-owner of Bristol Airport. Known as Teachers', it already owns 14.5 percent of the airport but yesterday agreed to buy 35.5 percent of the airport from Australia's Macquarie Airports for £128 million. The deal values the airport at £360 million and leaves the fund, which first invested in the airport in 2002, with a 50 percent shareholding. The remaining 50 percent 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 the year. Robert Sinclair, chief executive of Bristol Airport, said: ‘We are pleased to see Teachers' increase its investment 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 in particular.‘
Teachers' also owns approximately 48 percent of Birmingham Airport with a partner, 25 percent of Scotia Gas Networks, and 50 percent of InterGen, which operates gas-fired power plants generating more than 2,000 MW in the UK, as well as other power facilities internationally.
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