MEIF agrees to sell Bristol Airport stake to Teachers'
LONDON – Macquarie European Infrastructure Fund (MEIF) announces it has sold its 50% shareholding in Bristol Airport to its co-shareholder, Ontario Teachers' Pension Plan (Teachers'), resulting in Teachers' becoming the sole owner of the Airport.
Funds managed by Macquarie Infrastructure and Real Assets (MIRA or Macquarie) have owned Bristol Airport since 2001. Since then, the Airport's route network has grown significantly to reach 107 destinations served by 13 airlines. As a result, passenger numbers have grown on average by 7 per cent per annum to exceed six million in 2013, making Bristol Airport one of the fastest growing Airports in the UK and the main gateway to the South-West of England, serving c. 70 per cent of the market.
Since acquiring an additional shareholding in Bristol Airport in 2009, OTPP has worked in concert with MEIF to ensure continued development and strong passenger growth at the Airport. Today, Bristol Airport is the ninth largest airport and one of the most efficient airports in the UK.
"We are very proud of the strong development of Bristol Airport under the ownership of our funds," said Edward Beckley, the European Head of MIRA, the manager of MEIF. "In 2001 the airport was handling 2.7 million passengers and today it is the primary airport in the region, with great potential for further growth."
"Teachers' looks forward to continuing our relationships with all stakeholders at Bristol Airport and supporting its further development. We will work to build on the success we have achieved in our partnership with MEIF during the past eight years," said Andrew Claerhout, Senior Vice-President of Teachers' Infrastructure Group.
Robert Sinclair, Chief Executive Officer at Bristol Airport, said: "Macquarie's long association with Bristol Airport was a period of unparalleled passenger growth and development which saw it become one of UK's leading regional airports. Macquarie and Teachers' have been instrumental in supporting the expansion of the Airport's route network and significantly enhanced facilities for passengers. We look forward to working with Teachers' to continue investing in the Airport for the benefit of the region we serve."
The transaction is due to close by the end of September 2014.
Hillbrook Partners, Macquarie Capital, Altitude Aviation Advisory, Ernst and Young and Baker McKenzie advised the vendor.
About Macquarie European Infrastructure Fund
Macquarie European Infrastructure Fund (MEIF) is a specialist fund focussed on longterm investment in high quality European infrastructure businesses. It invests on behalf of pension funds and institutional investors attracted to the positive long-term investment attributes of well-managed infrastructure.
MEIF is the first in a family of four Macquarie European infrastructure funds managed by Macquarie Infrastructure and Real Assets (MIRA), based in London. MIRA manages more than 100 infrastructure businesses around the world, representing a total of £63 billion in assets under management. For more information, visit www.mirafunds.com
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. For more information, including our annual reports from 2013 and previous years, visit www.otpp.com. Follow us on Twitter @OtppInfo