3 Canadian pension funds among group buying London City Airport
A British Airways Airbus A318 taxis down the runway at London City Airport on Tuesday, Sept. 29, 2009. (AP Photo/Sang Tan)
The Canadian Press
Published Friday, February 26, 2016 9:27AM EST
TORONTO -- An investment group that includes three major Canadian retirement funds has agreed to buy London City Airport.
Financial terms of the agreement were not immediately available.
The consortium includes three of Canada's largest pension fund managers -- Alberta Investment Management Corp., OMERS, and Ontario Teachers' Pension Plan.
The group also includes the Kuwait Investment Authority and Wren House Infrastructure Management.
The consortium will buy the airport from Global Infrastructure Partners and Highstar Capital, which own 75 per cent and 25 per cent respectively.
London City Airport is east of London's centre, whereas Heathrow is to the west and Gatwick is to the south.
The consortium says the acquisition will fit well its other investments in U.K. and European airports. It currently owns Belfast International Airport, Birmingham Airport, Bristol Airport, Brussels Airport and Copenhagen Airport.