Bristol Airport put up for sale by its pension fund owner
Bristol Airport has reportedly been put up for sale by its Canadian pension fund owner. The transport hub is one of five airports the Ontario Teachers' Pension Plan is looking to offload as part of a £10bn mega deal, according to the Sunday Times.
Bristol Live understands the OTPP is mulling the sale of Bristol, Birmingham, London City, Copenhagen and Brussels airports, and is already in talks with minority shareholders over the plans. The portfolio is estimated to be worth around £10bn and the OTPP has varying stakes in each site, ranging from 25 to 70 per cent.
Under a sale deal, the minority shareholders have the right of first refusal for 30 days, but the smaller stakeholders could choose to sell up. It is understood outside bidders have also been approached, with reports in the Sunday Times that Australia-based investor Macquarie is in the mix.
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The news comes as demand for air travel continues to soar following the pandemic and a number of UK airports report record passenger numbers.
Bristol Airport declined to comment on the reports of a sale when approached by Bristol Live. However, earlier on Monday, the transport hub unveiled major expansion plans, including an extension to the runway and terminal building, more car parking, and additional short-haul and long-haul flights.
Bristol Airport said its masterplan to 2040 would meet the "strong and growing" demand for its services in the region. Under the proposals, the airport expects to grow beyond the current allowance of 12 million passengers a year to 15 million by around 2036.
The masterplan is not a planning application but the transport hub said it would "set a clear development intent" and give local people the opportunity to provide feedback. A planning application is likely to go to North Somerset Council next year.
Dave Lees, chief executive of Bristol Airport, said: “We constantly look at trends in air travel and we've been pleasantly surprised that people want to continue to travel by air. We've seen since the pandemic a real resurgence in terms of people wanting to connect with friends and family across Europe as well as across the world and that will inform our plans as we go forward over the coming years.
“The masterplan will look at what further development might be required to meet this growing demand for air travel and we’d welcome input from people to help shape our plans.”