The Ontario Teachers' Pension Plan says it is selling off 30 per cent of its stakes at two United Kingdom regional airports to broaden its investment strategy.
The deal will see Australia's New South Wales Treasury Corporation and Sunsuper Superannuation Fund each acquire a 15 per cent stake of Ontario Teachers' ownership in Bristol Airport and Birmingham Airport.
Ontario Teachers' has been an investor at the two airports since 2001, increasing its stakes to 100 per cent at Bristol and 48.25 per cent at Birmingham in 2014 with the intention of bringing in new partners.
Following completion, Ontario Teachers' will own 70 per cent of Bristol Airport and 33.8 per cent of Birmingham Airport.
The sale is expected to complete in late November.
Bristol Airport is the ninth-largest airport in the U.K. with 7.5 million passengers in 2016 and Birmingham Airport is the seventh-largest airport in the U.K. with 11.6 million passengers in 2016.
"Working with like-minded partners who bring new ideas, capital and expertise to the table is core to our broader investment strategy," said Andrew Claerhout, head of infrastructure at Ontario Teachers'.
"Under the new shareholder structure we will continue to focus on creating long-term value for all stakeholders including the 19 million passengers who fly through these two airports every year."