{"id":53909,"date":"2024-12-12T20:14:23","date_gmt":"2024-12-12T20:14:23","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/12\/12\/heathrow-owners-reportedly-including-the-caisse-de-depot-sell-down\/"},"modified":"2024-12-12T20:14:23","modified_gmt":"2024-12-12T20:14:23","slug":"heathrow-owners-reportedly-including-the-caisse-de-depot-sell-down","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/12\/12\/heathrow-owners-reportedly-including-the-caisse-de-depot-sell-down\/","title":{"rendered":"Heathrow owners, reportedly including the Caisse de depot, sell down"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Finance<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Quebec&#8217;s Caisse de d\u00e9p\u00f4t believed to be among sellers<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Dec 12, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 46\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"8db0c2dd-8950-44e7-b61d-6a1b245e1cb3\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">An airliner comes in to land at Heathrow Airport. Two buyers picked up 22.6 per cent of Heathrow\u2019s holding company, with one of the sellers reportedly Quebec&#8217;s Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec pension fund.<\/span> <span class=\"credit\">Photo by Peter Macdiarmid<\/span> \/<span class=\"distributor\">Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">A handful of investors \u2014 including Spain\u2019s Ferrovial SE and reportedly Canada\u2019s Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec \u2014 have sold down their holdings in the company that controls London\u2019s Heathrow Airport in a transaction valued at \u00a33.3 billion.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The two buyers are French private equity firm Ardian, which picked up 22.6 per cent of Heathrow\u2019s holding company FGP TopCo Ltd., and Saudi Arabia\u2019s sovereign wealth fund, which took a 15 per cent stake in TopCo.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment8546421927588270187727841147224064\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, 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class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Ferrovial initially struck a deal in November 2023 to sell a 25 per cent stake to Ardian and Saudi Arabia\u2019s Public Investment Fund (PIF), but a handful of Heathrow\u2019s institutional investors exercised tag-along rights to the sale. These included Quebec\u2019s Caisse de d\u00e9p\u00f4t, according to a Financial Times story in June. A revised agreement in June bumped up the sale to nearly 38 per cent of Heathrow\u2019s holding company and saw those tag-along investors agree to sell into the transaction on a pro-rata basis.<\/p>\n<p>A spokesperson for the Caisse declined to comment Thursday.<\/p>\n<p>The Caisse acquired its stake in Heathrow in 2006 as part of a consortium of institutional investors that paid $24.7 billion for the world\u2019s largest airport operator, BAA. Since then, the Caisse has gradually sold down its position in the prized airport, but retained a 12 per cent stake valued at more than $1.5 billion as of last December.<\/p>\n<p>In a statement in June, Ardian said the Heathrow sellers would retain shares representing 10 per cent of the issued share capital of TopCo, the holding company, in pro rata proportions, following completion of the transaction.\u00a0In a separate statement at the time, Ferrovial said it would retain a 5.3 per cent stake.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot14 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste9349831774265354881036339298435072\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1600w\" alt=\"Posthaste\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.5.4\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2740193969628222786575467573936128\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In a news release Thursday, Ardian called Heathrow \u201can iconic global infrastructure asset,\u201d adding that the acquisition will bolster the private equity firm\u2019s airport holdings. Ardian specializes in certain sectors including transportation and aviation and has stakes in six airports in Italy.<\/p>\n<p>The travel industry was rocked by the COVID-19 pandemic and many airports had to take on additional debt as passenger numbers cratered. But Ardian<span class=\"Apple-converted-space\"> executive<\/span> Alexis Ballif, managing director of infrastructure and transport, said in an interview Thursday that Heathrow now has more passengers than it had pre-pandemic. He added that the balance sheet has been shored up following additional cash demands during the pandemic.<\/p>\n<p>Still, the conditions have made it an opportune time to invest, said Mathias Burghardt, head of infrastructure at Ardian.<\/p>\n<p>\u201cThe timing was good,\u201d Burghardt said in an interview. \u201cWe see a growth because we are convinced that we can improve the business.\u201d<\/p>\n<p>Burghardt said Ardian is keen to invest further in areas where the private equity firm specializes, including in select transport assets and digital infrastructure. He said Canada is a priority for the firm\u2019s American fund and investments have been made in battery and storage companies.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment2870048909703043514582552272699392\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cCanada is certainly a target. Obviously there is not as many opportunities to invest in infrastructure (as) most of them are publicly owned,\u201d he said.<\/p>\n<div>Ottawa\u2019s fall economic update Monday could give institutional investors a better idea of whether any Canadian infrastructure, including airports, will be put on the block for private investment.<\/div>\n<div>Deputy prime minister Chrystia Freeland has received a report from former Bank of Canada governor Stephen Poloz, who she tasked with finding ways to get the country\u2019s largest pensions and other institutional investors to boost investments in Canada.<\/div>\n<p>Her directions in the spring budget specifically mentioned airports, most of which operate through private, not-for-profit airport authorities with the federal government acting as landlord.<\/p>\n<p>In an indication of the still-rocky valuations for airports in the aftermath of the pandemic, the renegotiated deal with the tag-along shareholders values Heathrow at less than the price implied by the initial 25 per cent purchase agreement for \u00a32.4 billion a year ago.<\/p>\n<section aria-labelledby=\"moreTopicLabel1957301304173462113425109484044288\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" will=\"\" require=\"\" regulators=\"\" to=\"\" embrace=\"\" risk=\"\" osfi=\"\" says=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Cryptocurrencies are better inside the regulatory system than outside it, said OSFI head. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=80&sig=C54683Qtu_vmO6SKy5346A\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=5&sig=7jLAhUHyfcv1J4wdmQ1TVw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=96&strip=all&quality=80&sig=C54683Qtu_vmO6SKy5346A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=192&strip=all&quality=80&sig=u6sUEhRqO4WrfePwAzH5qQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/11\/bitcoin-1127-ph.jpg?h=288&strip=all&quality=80&sig=PGeTvWvFC0-yX1TBZ1LcRQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Innovation will require regulators to embrace risk, OSFI says<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" over=\"\" ottawa:=\"\" the=\"\" u.k.=\"\" is=\"\" courting=\"\" canada=\"\" big=\"\" pensions=\"\" too=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"CPP Investments signage during an interview for an episode of Bloomberg Wealth with David Rubinstein in New York, U.S., on July 10, 2024. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=80&sig=AcgsMO2G4U0f6NZYMvLo4w\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=5&sig=NLeVDWbJopfWXL9qJcAh4w&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=96&strip=all&quality=80&sig=AcgsMO2G4U0f6NZYMvLo4w, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=192&strip=all&quality=80&sig=ovkq20z8gBpck2BF8Rdafw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/1011-bc-pensions.jpg?h=288&strip=all&quality=80&sig=IOyo08_4oYpd1ECssrA_mw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Move over Ottawa: The U.K. is courting Canada&#8217;s big pensions, too<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" big=\"\" pensions=\"\" are=\"\" ready=\"\" for=\"\" airport=\"\" privatization=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=96&strip=all&quality=80&sig=Nc9y-pbOSIGaZKzTAm3Oig, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=192&strip=all&quality=80&sig=-3sfS1aBGUS7u94nTblTOQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/08\/airports-0821.jpg?h=288&strip=all&quality=80&sig=e82_Y0V1_NcWTq8x1jOCOw 3x\" alt=\"airport\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada\u2019s big pensions are ready for airport privatization<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2747275403315264351131392089784320\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But airport activity has picked up in recent months, with\u00a0<span>Canada\u2019s Public Sector Pension Investment Board (PSP Investments) a buyer of airports in a recent transaction that also involved Ferrovial. PSP\u2019s wholly-owned airports platform AviAlliance acquired AGS Airports from Ferrovial and Macquarie in a transaction with an enterprise value of \u00a31.5 billion. AGS operates airports in Aberdeen, Glasgow and Southampton.<\/span><\/p>\n<p data-async=\"\"><em>\u2022 Email: bshecter@nationalpost.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Heathrow owners, reportedly including the Caisse de depot, sell down<\/a><br \/>\n<br \/>2024-12-12 20:14:23<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Finance News Quebec&#8217;s Caisse de d\u00e9p\u00f4t believed to be among sellers Get the latest from Barbara Shecter straight to your inbox Sign Up Published Dec 12, 2024&#8230;<\/p>\n","protected":false},"author":2,"featured_media":53910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/heathrow-airport-gs1212.png?quality=90&strip=all&w=288&h=216&sig=ftxDO0Tf_bUnDgFDqZW4LQ","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-53909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=53909"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/53910"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=53909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=53909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=53909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}