Macquarie Asset Management has agreed to acquire stakes in three airports in the United Kingdom from Ontario Teachers’ Pension Plan. Financial terms of the transaction were not disclosed.

Macquarie is acquiring a 55% interest in Bristol Airport, the largest airport in South West England and one of the fastest-growing regional airports in the country. The airport serves approximately 10 million passengers each year and operates routes to 115 destinations.

The deal also involves a 26.5% stake in Birmingham Airport, the UK’s seventh largest airport, which handles 13 million passengers a year. It is home to approximately 30 carriers, serving over 140 direct international routes.

The third part of the acquisition is a 25% stake in London City Airport, the central airport that provides fast links for business travellers to the city’s two financial districts, the City of London and Canary Wharf. London City Airport handles over 3.5 million passengers per year and serves over 30 destinations across the UK and Europe.

Macquarie is doing the deal via its Macquarie European Infrastructure Fund 7. Milbank is advising Macquarie.

“Collectively, Birmingham, Bristol and London City airports serve over 25 million passengers each year and are a valued home for leading regional and global airlines," says Gordon Parsons, senior managing director, EMEA, at Macquarie Asset Management. "Each airport has a unique path for growth ahead, and we’re supportive of the management teams’ plans to deliver enhanced customer experiences and more routes to each of the communities they serve.”

Airport investor

Macquarie has been an investor in airports for more than 20 years. Its investments have included hub airports across Australia, Belgium, Italy, Denmark, Ecuador, and Colombia.

Last year, after a decade of ownership, Macquarie divested from AGS Airports, the owner and operator of the primary airports serving Aberdeen, Glasgow, and Southampton.

Macquarie European Infrastructure Fund 7 is the industry’s largest-ever fund focused on European infrastructure, and the seventh vintage of Macquarie’s successful European Fund series. Since 2004, the Macquarie European Infrastructure Fund series has committed more than €24 billion ( US$28.3 billion ) of capital across the UK and Europe, in addition to capital committed by other Macquarie-managed funds and strategies in the region.

The London City Airport acquisition has reached financial close at the time of the signing. The acquisition of Bristol and Birmingham airport ownership stakes is expected to reach financial close by Q4 2025, pending regulatory approvals.

The consortium featuring Ontario Teachers' Pension Plan acquired London City Airport for £2 billion ( US$2.35 billion ) in 2016.  The majority stake seller at the time was Global Infrastructure Partners. 

In a separate deal, Ontario Teachers’ Pension Plan has agreed to sell its 39% stake in Brussels Airport to Flemish investment firm ParticipatieMaatschappij Vlaanderen.