Freshfields is advising Ontario Teachers’ Pension Plan Board (Ontario Teachers’ or OTPP) on its agreement to sell its stakes in three UK airports – Birmingham, Bristol and London City, to Macquarie Asset Management. OTPP is one of the largest single-profession pension plans in the world.

Ontario Teachers’ has been a long-term investor in these airports, contributing to their growth, modernisation and decarbonisation over the past two decades. Ontario Teachers’ first invested in UK airport infrastructure in 2001, later acquiring direct stakes in Birmingham in 2007 and in Bristol in 2008. A 25% stake in London City Airport was acquired in 2016.

These airports have continued to serve tens of millions of passengers annually driving connectivity across the country, continent and globe and together, play a central role in regional economic growth across the UK, contributing collectively over £3.7 billion in gross value added (GVA) and 37,600 jobs.

The sale of Ontario Teachers’ stake in London City Airport has reached financial close following signing. The sales of its stakes in Birmingham and Bristol airports are subject to regulatory approval, and are expected to complete in Q4 2025.

The Freshfields team is being led by Ontario Teachers’ relationship partner Richard Johnson, together with counsel Holly Baker and principal associate Joachim De Vos; partner Emily Szasz is leading on tax matters, partner Alastair Mordaunt on regulatory matters and partner Jenny McIvor on financing matters.