Macquarie completes acquisition of stakes in Bristol and Birmingham airports

Macquarie Asset Management has completed its acquisition of a 55% stake in Bristol airport and a 26.5% stake in Birmingham airport.

Macquarie, which revealed in June that it had agreed to acquire stakes in Bristol, Birmingham and London City airports from Ontario Teachers’ Pension Plan, completed the transaction in partnership with co-investors including LGPS Central Limited.

LGPS Central Limited, one of the eight Local Government Pension Scheme pools in the UK, worked in partnership with two of its partner funds – West Midlands Pension Fund and Cheshire Pension Fund.

Suraj Patel, associate director in the client solutions group at Macquarie, said: “We’re pleased to further build on our partnership with LGPS Central through its co-investment into the Bristol, Birmingham and London City airports portfolio.

“We look forward to supporting the long-term growth and development of all three airports in the years to come.”

LGPS Central Limited chief executive Richard Law-Deeks said: “These airports are critical gateways for regional economies, connecting communities to trade, tourism and opportunity.

“As an LGPS pension pool, with assets in future expected to be upwards of £100 billion, this investment demonstrates the power of collaboration between UK LGPS pension funds and global infrastructure partners to deliver long-term value and positive regional outcomes.”

Last month, Macquarie revealed it was acquiring an additional 50% stake in London City airport on top of the 25% it had already committed to.