Teachers' invests in premier European airports
TORONTO, July 19, 2011 /CNW/ - The Ontario Teachers' Pension Plan (Teachers') has reached an agreement with MAp Airports (MAp) to exchange its interest in Sydney Airport and a cash payment for MAp's interests in Brussels Airport and Copenhagen Airport.
The transaction will result in Teachers' Infrastructure Group adding to its current airport holdings with ownership of 39 percent of Brussels Airport and 30 percent of Copenhagen Airport. MAp will receive Teachers' 11 percent interest in Sydney Airport plus a cash payment. The transaction is expected to close in 2011, subject to regulatory approvals.
"We believe that Brussels and Copenhagen Airports are excellent opportunities that strongly reflect our investment criteria and our long-term investment horizon," said Stephen Dowd, Senior Vice-President, Teachers' Infrastructure Group. "As experienced airport investors, we look forward to working with the Belgian and Danish governments and other stakeholders to develop the full potential of these airports."
Teachers' Infrastructure Group's other airport investments are Birmingham Airport and Bristol Airport, which are jointly controlled alongside other shareholders. Teachers' Infrastructure Group makes investments that are subject to a fair and transparent regulatory framework and that generate stable, low-risk, long-term returns to help meet the plan's pension obligations.
With $107.5 billion in assets as of December 31, 2010, Teachers' is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 295,000 active and retired teachers in Ontario. For more information visit www.otpp.comFor further information: