Realizing value from airport investments
An overview of our portfolio spanning five major European airport hubs.
At a glance
- Since our initial investment in 2001, we built a portfolio across five major European hubs: Birmingham, Bristol, Brussels, Copenhagen and London City.
- Ontario Teachers’ helped drive the growth, modernization, job creation and decarbonization of these airports by providing not only capital but strong governance and operational oversight.
- Throughout the course of 2025, we reached agreements to sell the airports to a range of institutional investors and government-related entities, which returned a sizeable amount of capital to the fund.
For nearly 25 years, airports have been a cornerstone of our infrastructure portfolio essential— assets that connect people, drive economic growth and support global trade. Since our initial investment in 2001, we built a portfolio across five major European hubs: Birmingham, Bristol, Brussels, Copenhagen and London City.
Ontario Teachers’ helped drive the growth, connectivity, modernization, job creation and decarbonization of these airports. As active owners, we provided not only capital but strong governance and operational oversight.
We also supported each of our airports through the COVID-19 pandemic and subsequent recovery period, helping to position them for recovery and long-term growth.
Throughout the course of 2025, we reached agreements to sell the airports to a range of institutional investors and government-related entities, which returned a sizable amount of capital for the fund. The decision to sell these assets reflects our disciplined approach to portfolio management and ability to generate returns at attractive economics and deliver value for our members.
By the time we sold our U.K. Airports, they collectively contributed to their regional economies in:
£3.7+ billion
gross value added (GVA)
37,600
jobs added
During Ontario Teachers’ ownership, highlights include:
Birmingham Airport
Birmingham Airport increased passenger traffic by more than 35% during our ownership, to peak traffic of over 13.6 million. More than £425 million was invested to modernize and expand the facility, including a runway extension, new air traffic control tower, new pier, upgraded baggage, security and check-in areas, and an improved drop-off zone for passengers. Its route network grew to over 165 destinations served by more than 30 airlines. The airport has met the Level 3 Airport Carbon Accreditation since 2023 and is on track to reach net-zero operational emissions by 2033.
Bristol Airport
Bristol Airport grew to peak traffic of more than 10 million passengers a year, a more than 72% increase since 2008, and was the fastest-recovered major U.K. airport post-COVID. More than £300 million was invested to modernize the customer experience, including a major new public transport interchange, improved security and screening, an expanded retail and dining offering, and upgraded parking facilities. The airport also advanced its sustainability leadership, achieving Level 4+ Airport Carbon Accreditation.
Brussels Airport
Brussels Airport’s passenger numbers grew by almost 40% during our ownership to peak levels of 26.4 million. The post-COVID recovery has led to the airport serving 210 destinations via 80 airlines. Over €1.8 billion has been invested, including the 2015 Connector building and the expansion of Brucargo, the dedicated cargo zone, which hosts over 150 companies employing 7,000 people, and which shipped three billion vaccines during the pandemic.
Copenhagen Airport
Copenhagen Airport expanded its network to 321 direct routes, with over 60 airlines connecting travellers to over 165 destinations. Passenger volumes grew by more than 30%, rising to nearly 30 million at peak levels from 22.7 million in 2011. Major development projects supported this growth, including the expansion and redevelopment of new terminals, a new baggage system and other key airport infrastructure. The airport the is a recognized leader in sustainability, achieving Level 4+Airport Carbon Accreditation since 2022, and is on track to reach net-zero operational emissions by 2030.
London City Airport
Shareholders invested more than £600 million over the past nine years to expand the London City Airport for larger aircraft and enhance its facilities, including the U.K.’s first remote digital air traffic control tower, airside land reclamation under the City Airport Development Programme, security upgrades and a new baggage system. The airport held a Level 4+ Airport Carbon Accreditation since 2022.