Airport Group Investments Ltd.(AGIL), a company owned by the Ontario Teachers’ Pension Plan(Teachers’)and Australia’s Victorian Funds Management Corp.(VFMC), now owns a 48.25% interest in Birmingham International Airport.

AGIL acquired the shares from Macquarie Airports Group Ltd. and Aer Rianta International for approximately $875 million after the close of a competitive tender process launched nine months ago.

West Midlands District Councils, representing seven metropolitan areas near the airport, own a 49% interest in the company and staff, through an employee share trust, holds the remaining 2.75%.

“We look forward to working with VFMC, the District Councils and other stakeholders to forge a long-term profitable partnership that will see Birmingham Airport reach its potential as Europe’s leading regional airport,” says Jim Leech, senior vice-president of Teachers’ Private Capital, the pension plan’s private investment arm.

The announcement by Teachers’ comes the same day that the CPP Investment Board says it intends to submit a proposal under which it would acquire a significant minority stake in Auckland International Airport Limited.

Birmingham International Airport, the sixth largest airport in the U.K., handles more than nine million passengers a year.

To read Teachers’ invests in U.K. airport, click here.

To comment on this story, email craig.sebastiano@rci.rogers.com.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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