OTPP sells Brussels Airport stake

08 January 2020 - 12:00 am UTC

Ontario Teachers’ Pension Plan (OTPP) has sold part of its 39% stake in Brussels Airport to two institutional investors, with one acquiring its stake through a vehicle managed by StepStone. 

New South Wales’ Treasury Corporation (TCorp) and the Japanese Government Pension Investment Fund (GPIF) have acquired an undisclosed stake in Brussels Airport from the Canadian pension fund in an all-equity deal, according to statement by OTPP on Wednesday (8 January). 

It follows Macquarie’s sale of its 36% stake in Brussels Airport to Flemish government-owned investor PMV, Dutch pension fund APG, Queensland state-owned investor QIC and life insurance company Swiss Life in December, which valued the airport at some EUR 6.1bn or around 20 times its 2017 annual EBITDA.

Brussels Airport serves around 25 million passengers annually and reported EBITDA of EUR 330m in 2018.

GPIF, the investor of funds from the Japanese government’s pension plans, and TCorp, the equity investor for the New South Wales government, acquired equal-sized stakes in the airport, said a source close to the deal. 

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