Canadian pension fund, Ontario Teachers’ Pension Plan (OTPP) is looking to sell its stake in the five airports, with the airports estimated to have a combined value of more than GBP 10 billion.
The OTPP’s share in each of the airports ranges from 25 percent to 70 per cent meaning its share could exceed £3.5 billion, with shareholders in its portfolio having a 30-day “right of first refusal.” However, it has also been reported in the Sunday Times that OTPP is also exploring other buyers, including Australian investment firm Macquarie.
The announcement comes amid a resurgence in air travel across Europe following the pandemic and as several other UK airports have been sold and airports across Europe set out expansion plans for growth.
Earlier in November AviAlliance acquired AGS Airports, which owns and operates Aberdeen, Glasgow and Southampton airports in a deal worth more than GBP1.5billion. In June, Vinci acquired a majority (50.01%) stake in Edinburgh while Spanish investor, Ferrovial, agreed to sell the majority of its stake in London Heathrow earlier this year to French investor Ardian and Saudi Arabia’s Public Investment Fund for GBP3.3 billion. Gloucestershire Airport is also currently up for sale with an estimated sale price of GBP 25 million.
Image source: London City Airport
