Ontario Teachers’ Pension Plan (OTPP) has bought additional shares in Birmingham Airport.

The deal takes the Canadian pension fund’s shareholding to 48.25% after it bought a 19.25% stake from Victorian Funds Management Corporation.

The investment was made for OTPP by Ontario Teachers’ Infrastructure Group. 

OTPP invested in Birmingham Airport in 2001, upping its stake in 2007.

In September last year, OTPP took full control of Bristol Airport, buying Macquarie’s 50% stake. 

Andrew Claerhout, senior vice-president of infrastructure at OTPP, said: “Birmingham Airport is a high-quality asset we know well.

“Increasing our investment reflects our strategy of continuing the development of our airports platform.”

Other Ontario Teachers investments in the UK include interests in train line High Speed 1, Scotia Gas Networks and Acorn Care and Education.

Late last year, Ferrovial, through its Ferrovial Aeropuertos subsidiary, and Macquarie European Infrastructure agreed to pay £1bn (€1.3bn) for three UK airports.

Macquarie’s Fund 4 and Ferrovial will buy Aberdeen, Glasgow and Southampton airports from Heathrow Airport Holdings.

The three airports will continue to be managed locally.