The APG, QIC and Swiss Life consortium paid about €2bn for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport, IPE Real Assets has learned.
Late last week, pension investor APG in partnership with Australian alternatives fund manager QIC agreed to buy MIRA’s interest in Brussels Airport for an undisclosed amount.
APG and QIC will both have a stake of 16.8% in the asset with Swiss Life having a 2.4% stake.
QIC said it will tip its stake in Brussels Airport into its Global Infrastructure Fund. The fund already holds two Australian assets and one US asset.
Ross Israel, QIC’s head of global infrastructure, declined to comment on price but told IPE Real Assets today that the airport, as a core asset, would be “a good diversifier” for the fund.
The new shareholders will co-own the airport with existing investor Ontario Teachers Pension Plan (OTPP) which has a 39% stake since 2011 and the Belgian government with a 25% interest.
Israel said the airport came with 1,245 hectares of land, about one-sixth of the size of London’s Heathrow Airport, and would have some property development on the side.
Patrick Kanters, APG’s managing director, global real assets, said: “As a pension investor, we are continuously looking for attractive infrastructure investments worldwide that help us realise stable and long-term returns for ABP and other pension fund clients.
“This investment in Brussels Airport, on behalf of ABP, fits the core of our strategy as it represents an attractive opportunity to gain access to high-quality, resilient infrastructure with promising long-term growth potential.”
MIRA acquired its initial stake as part of the airport’s privatisation in 2004.
Announcing the disposal last week, MIRA said the sale was being made on behalf of Macquarie European Infrastructure Fund 1 (MEIF1) and Macquarie European Infrastructure Fund 3 (MEIF3).
The manager said MEIF1 and MEIF3 have reached the end of their investment terms.