Macquarie Group subsidiary Macquarie Airports has sold its 35.5 per cent 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 per cent stake in Copenhagen Airports from the trust for 570 million Danish kroner ($130 million), bringing the group's total ownership to 30.8 per cent.
While the Bristol sale represents a 12 per cent discount from a June evaluation of the assets, Macquarie CEO Kerrie Mather said the sale made strategic sense.
“Bristol now represents just 4 per cent 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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