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Ontario Teachers’ announces agreement to sell stakes in Birmingham, Bristol and London City airports to Macquarie

 · 3 min read

18 June 2025 - Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announces today that it has reached an agreement to sell its interests in three UK airport assets - Birmingham Airport (BHX), Bristol (BRS) and London City Airport (LCY) - to Macquarie Asset Management (Macquarie).

Ontario Teachers’ has been a long-term investor in these airports, contributing to their growth, modernisation and decarbonisation over the past two decades. Ontario Teachers’ first invested in UK airport infrastructure in 2001, later acquiring direct stakes in Birmingham in 2007 and in Bristol in 2008. A 25% stake in London City Airport was acquired in 2016. These airports have continued to serve tens of millions of passengers annually, driving connectivity across the country, continent and globe and together, play a central role in regional economic growth across the UK, contributing collectively over £3.7 billion in gross value added (GVA) and 37,600 jobs.

Charles Thomazi, Senior Managing Director and Head of Infrastructure in EMEA at Ontario Teachers’ said:

“UK airport infrastructure has been a key area of focus for Ontario Teachers’ over the past 20 years and we’re very proud to have supported Bristol, Birmingham and London City as they’ve grown, developed and continued to strengthen the experience for passengers. Each airport plays an important role in its region and, with all currently undergoing expansion programmes, will continue to grow and deliver for their passengers, communities and the broader economy. We’d like to thank our fellow shareholders for their collaboration and our management teams and airport staff for their dedication and support, not least during the Covid-19 pandemic. We are confident that BHX, BRS and LCY will continue to flourish and are pleased to be passing the baton to new investors Macquarie as they support them in the next stage of their growth.”

During Ontario Teachers’ ownership, highlights include:

Bristol Airport

  • Significant growth to over 10 million passengers per annum, with a 72% increase in traffic since 2008 and the fastest recovered major UK Airport post-Covid 19 pandemic;
  • Investment of over £300m over the past decade, including in improving the customer experience, Next Generation security, new retail & catering facilities, car parking and the development of a new public transport Interchange
  • Strong growth in the number of airlines operating from the airport, providing increased choice for customers to the 115 destinations it serves; and
  • Level 4+ accreditation in the international Airport Carbon Accreditation (ACA)scheme; airport on track to achieve a net zero position for scope 1&2 emissions by 2030.

Birmingham Airport:

  • 35%+ growth in passengers, from 9.6 million in 2007 to over 13 million at the end of 2024
  • Significant investments totalling over £425m made over past 18 years to modernise and expand BHX, including extension of the runway, the opening of a new pier, a new baggage system, upgraded security and check in areas and an enhanced passenger drop off area;
  • Multiple new flight routes added, today provided by over 30 airlines connecting travellers to over 165 destinations;
  • Level 3 accreditation in the (ACA) scheme since 2023; airport on track to meet commitment for operations to become net zero by 2033.

London City Airport:

  • Significant investments by shareholders over last 9 years totalling over £600 million to expand LCY to accommodate larger aircraft and expand facilities, with development projects including the UK’s first remote digital air traffic control tower, expansion of the airside footprint through reclamation of land as part of the City Airport Development Programme (CADP), Next Generation security expansion and a new baggage facility;
  • Continued focus on enhancing the passenger experience and destination choice and Level 4+ accreditation in the international Airport Carbon Accreditation (ACA) scheme since 2019.

The sale of Ontario Teachers’ stake in London City Airport has reached financial close following signing. The sales of its stakes in Birmingham and Bristol airports are subject to regulatory approval, and are expected to complete in Q4 2025.

Media contacts

Ontario Teachers’
Henrietta Dehn
Henrietta_dehn@otpp.com

Teneo
Jesse Ruysen/Tom Murray
Jesse.ruysen@teneo.com / tom.murray@teneo.com

About Ontario Teachers’ Pension Plan

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $266.3 billion as at December 31, 2024. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.