
Australian multinational infrastructure investment firm Macquarie Asset Management, a unit of Macquarie Group, has acquired stakes in three UK airports.
The holdings in Bristol Airport (BRS), Birmingham Airport (BHX) and London City Airport (LCY) were acquired from the Ontario Teachers’ Pension Plan. The Canadian pension fund has also offloaded its 39% stake in Brussels Airport (BRU) to Flemish investment firm PMV.
Macquarie has acquired a majority 55% stake in BRS, a 26.5% stake in BHX and a 25% stake in LCY. The LCY acquisition closed at signing, while the stakes in BRU and BHX “are expected to reach financial close by Q4 2025, following the satisfaction of regulatory approvals,” according to a Macquarie statement.
The financial terms of all three transactions are undisclosed, as are terms of the Ontario Teachers’ Pension Plan’s sale of its stake in BRU to PMV.
“Each of the three [UK] airports offer unique propositions and catchment areas, which present significant growth opportunities for airlines and a wide range of business partners,” Macquarie said. “Through its investment, Macquarie is committed to supporting the airports over the long term to expand their route networks, further enhance passenger experience and work closely with management teams and stakeholders to implement the airports’ sustainability strategies.”
Macquarie already has stakes in airports in Australia, Belgium, Colombia, Denmark, Ecuador and Italy.
Ontario Teachers’ Pension Plan acquired its stake in BRS in 2007, in BHX in 2008 and in LCY in 2016. It acquired its stake in BRU in 2011.
“Collectively, Birmingham, Bristol and London City airports serve over 25 million passengers each year and are a valued home for leading regional and global airlines,” said Gordon Parsons, a senior managing director at Macquarie Asset Management. “Each airport has a unique path for growth ahead, and we’re supportive of the management teams’ plans to deliver enhanced customer experiences and more routes to each of the communities they serve.”
There is no indication the UK airports will see management changes as a result of transactions. BRU said PMV holding a 39% stake will not result in a change of strategy.