Ontario Teachers’ reaches agreement to sell stake in Brussels Airport to PMV
Brussels – 13 June 2025 – Ontario Teachers’ Pension Plan Board (Ontario Teachers’) has reached an agreement to sell its stake in Brussels Airport Company NV/SA (BRU) to Flemish public investment company ParticipatieMaatschappij Vlaanderen (PMV).
Ontario Teachers’ first invested in Brussels Airport in 2011 and, over the past 14 years, has worked with other shareholders and management to position BRU as a leading national growth engine for Belgium, and one of Europe’s leading transport hubs. BRU has focused on improving the passenger experience and expanding the number of destinations served, ensuring that the airport is well-positioned for growth in the decades ahead. Today the airport contributes €8.8 billion to the Belgian economy annually and provides over 64,000 jobs.
Charles Thomazi, Senior Managing Director and Head of Infrastructure in EMEA at Ontario Teachers’ said:
“We are delighted to have played a role in Brussels Airport’s success and growth for over 14 years, as it has sought to drive passenger connectivity, develop as a cargo hub and continue its contribution to the Belgian economy. We would like to thank the management team and airport staff for their hard work and dedication over the past decade and a half, not least during the Covid-19 pandemic. In particular, we would like to acknowledge their exceptional commitment and bravery in responding to the tragic events in 2016, and for everything they have done to help Brussels Airport rebuild and recover.
We are confident that the airport will continue its important role of connecting Belgium to the world, and driving economic growth across the country and Europe. We would like to thank PMV for their collaboration and we look forward to seeing BRU continue to flourish in the future.”
Michael Casselman, PMV General Manager said:
“We thank OTPP for their efforts over the past years to help develop Brussels Airport Company into the high performance airport company it is today. We look forward to continuing our constructive relations with the other shareholders, fully endorsing the vision that is before us today for the further economic development of the airport”.
During Ontario Teachers’ ownership, highlights include:
25% growth in passengers with 23.6m passengers per annum in 2024 and strong recovery from the Covid-19 pandemic.
Over €1.8 billion of investment including the delivery of a new Connector building between Pier A and Pier B in 2015, transforming the passenger experience. Development of Brucargo, BRU’s cargo operation, into a centre of excellence for pharmaceuticals and animal transport, including 3 bn vaccines shipped through the airport during the Covid pandemic.
Establishing a leading position as a gateway airport, with continued network expansion and multiple new flight routes added. Today, BRU offers connections to 210 destinations worldwide operated by 80 airlines.
The transaction is subject to the necessary regulatory clearances.
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Teneo
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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.