Copyright: MirkoVitali_123RF

The infrastructure arm of the Ontario Municipal Employees Retirement System has entered an agreement to sell its stake in Airports Worldwide Inc., a portfolio of airport assets and management contracts.

“OMERS first invested in AWW in 2009,” said Ralph Berg, executive vice-president and global head of infrastructure for OMERS Private Markets, in a press release.

“We have focused our efforts since that time on positioning the asset for long-term success and are very proud of the value we have created with this investment for OMERS members.”

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OMERS, which expects the transaction to close later in 2018, didn’t disclose the financial details of the sale.

“OMERS has worked closely with the management teams across the group to grow the portfolio, optimize performance and build strong relationships with airline partners and other stakeholders,” said Juan Camargo, director of OMERS Infrastructure, in a press release.

“We are grateful to AWW management for their efforts and wish them continued success.”

Vinci Airports, the buyer of OMERS’ stake, is growing its collection of airport assets, adding to the 36 it already manages in Europe, Asia and South America.

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Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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