London City, Birmingham and Bristol airports are up for sale as their Canadian pension fund owner capitalises on a resurgence of air travel by offloading a portfolio of European aviation assets that could be worth in excess of £10 billion.
Ontario Teachers’ Pension Plan (OTPP) is in talks with minority shareholders who have a 30-day “right of first refusal” to buy its stakes in five European bases that also include Copenhagen and Brussels airports.
The sale could also prompt minority shareholders to sell instead. OTPP, one of the biggest retirement funds, has therefore begun sounding out other suitors including Australian infrastructure investor Macquarie.
Sources familiar with the situation refused to be drawn on valuation. Analysis suggests the five airports are worth more than £10 billion.