Ontario Teachers’ Pension Plan (OTPP) is looking to sell minority stakes in Britain’s Bristol and Birmingham airports, a source familiar with the matter said on Friday.
OTPP, which manages around $170 million (US$130 billion) and is a big investor in British infrastructure projects, currently owns 100 percent of Bristol Airport and around 50 percent of Birmingham Airport, the source said.
While keen to remain invested in the assets, the Canadian pension fund is looking to take advantage of strong demand from pension funds and other long-term investors for the often-attractive returns on offer from high-quality infrastructure, the source said.
OTPP would retain its share in London’s 2 billion pound City Airport, which it bought in February 2016 in partnership with two other Canadian pension funds and the Kuwait Investment Authority.
No further details were immediately available.
The news was reported earlier by Dow Jones Newswires.
(Reporting by Simon Jessop, editing by Rachel Armstrong and David Evans)
Photo courtesy of Birmingham Airport