Macquarie Group subsidiary Macquarie Airports has sold its 35.5% stake in Bristol Airport to the Ontario Teachers Pension Plan for £128 million ($244.5 million.)
Macquarie has also arranged to buy a 3.9% stake in Copenhagen Airports from the trust for 570 million Danish kroner ($130 million), bringing the group’s total ownership to 30.8%.
While the Bristol sale represents a 12% discount from a June evaluation of the assets, Macquarie CEO Kerrie Mather said the sale made strategic sense.
“Bristol now represents just 4% of our portfolio by value, and we feel that our investors are better served deploying our resources elsewhere,” she said.
The deal will bring Macquarie Airports’ free cash reserves up to $900 million, Mather added.
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