Macquarie Airports sells stake in Bristol; hikes Copenhagen stake
16 Sep 2009
One of the world's leading private airport operators Macquarie Airports (MAP) has agreed to sell its 35.5 per cent stake in UK's Bristol Airport to Ontario Teachers Pension Plan for $244.3 million, the company said yesterday.
The sale represents a 12.7-per cent discount to Macquarie's 30 June valuation of Bristol Airport.
The company says in turn, it will acquire a further 3.9 per cent stake in Copenhagen Airports from Ontario Teachers Pension Plan for $340 million, taking its interest in Copenhagen to 30.8 per cent.
The Australian fund said the sale price for the southwestern English airport represented a 13 per cent discount to its June 30 valuation, with the Copenhagen transaction, expected to settle by the end of 2009, also at a discount to its valuation
Macquarie says the two transactions will lift the company's net cash reserves by around $120 million to approximately $900 million.
MAp's chief executive officer Kerrie Mather says with the company's portfolio having grown significantly over the last five years, Bristol now represents just four per cent of its portfolio by value, and the company feels that its investors are better served deploying Macquarie's resources elsewhere.
.webp)
