Australian investment giant Macquarie is close to sealing a multi-billion-pound deal to buy stakes in Bristol, London City, and Birmingham, airports.
The potential agreement is with the Ontario Teachers’ Pension Plan (OTPP), which currently owns 25% of London City, 27% of Birmingham, and 55% of Bristol Airport.
Final terms are still being worked out, and the deal could face delays, especially due to complications linked to Birmingham City Council’s bankruptcy.
The council is a co-owner of Birmingham Airport.
According to The Sunday Times, while talks are well advanced, nothing is guaranteed.
Last year, OTPP began exploring the sale of its airport assets, including stakes in Copenhagen and Brussels airports, both of which have since been sold.
The full value of its airport portfolio is estimated at over £10bn, though Macquarie’s valuation of the UK airports hasn’t been disclosed.
Bristol Airport’s current £400m investment programme and its plan to grow further in the future will come under the spotlight at TheBusinessDesk’s next South West Property Lunch.
The airport is never far from the headlines and its head of planning and growth Andrew Goodchild will speak about how the expansion now underway – one of the region’s biggest construction projects – will transform the customer experience.
It is also about to submit a planning application to grow from its current 11m to 15m passengers a year, including a larger terminal, new food & beverage and retail units and more space for baggage reclaim.
This would enable new direct connections to the Middle East and North America, providing an additional £1bn in GVA to the regional economy and creating an additional 1,000 on-site jobs.
The lunch, on Thursday 3 July at The Bristol Hotel, will give attendees an exclusive insight into these far-reaching plans.
Tickets, at £47.50pp + VAT, are available here