Five European airports up for multi-billion-pound sale
Canadian pension fund owner is in talks over the sale of its stake in London City, Birmingham and Bristol airports in the UK, as well as Brussels and Copenhagen airports.
Ontario Teachers’ Pension Plan (OTPP) is reportedly seeking to capitalise on the rebound in air travel by selling its stakes in the five European air transport hubs. The Canadian pension fund is in talks with minority shareholders who have a 30-day first refusal period to purchase its stakes. According to a report in The Sunday Times the five airports are thought to have a combined value exceeding £10 billion. OTPP’s stakes in the airports vary from 25% to 70%, meaning its share could exceed £3.5 billion.
The announcement of the sale comes amid a resurgence in air travel following the pandemic, with reports suggesting that potential buyers could include infrastructure investor Macquarie.
All change for UK airports
It also follows a number of UK airports changing hands this year. Earlier this month, AviAlliance acquired AGS Airports, which owns and operates Aberdeen, Glasgow and Southampton Airports in a deal worth more than £1.5 billion. Meanwhile, Spanish investor, Ferrovial, has agreed to sell the majority of its stake in London Heathrow – which this summer welcomed record passenger numbers – to a Saudi-French consortium for £3.3 billion. In June, French airport operator Vinci acquired a majority (50.01%) stake in Edinburgh Airport, while Gloucestershire Airport is currently up for sale and expected to achieve £25 million.
