As the Canadian pension fund OTPP is trying to sell its 30 per cent stake in Brussels Airport, the Belgian federal and Flemish governments are looking at the possibility of purchasing the stakes and thus obtaining majority control over the airport. The purchase would amount to approximately € 2.6 billion.
Initially, the Canadian pension fund OTPP – currently the biggest share holder of Brussels Airport – was in talks with the Australian investment firm Macquarie regarding the sale. However, the high price tag (between € 2.5 and 3 billion) reportedly put an end to those discussions.
According to the Belgian newspaper De Tijd, however, a new solution might be underway. Through their investment branches SFPIM and PMV, the Belgian federal government and the Flemish government might be interested in taking over the 30% share of OTPP. Even though the exact repartition is still being discussed, both governments would bring in approximately € 1.3 billion.
The Belgian federal government has held a 25 per cent plus one share for years, while the Flemish government indirectly holds a 1 to 2 per cent share in Brussels Airport since 2019. Respectively, those numbers would grow to 40 and 16 per cent each if the purchase goes through.
However, wether or not the sale will actually happen remains uncertain. For PMV, the investment branch of the Flemish government, a € 1.3 billion purchase would represent 71 per cent of its assets under management in 2023. Moreover, the purchase by the Belgian federal government hasn’t been confirmed either. The MR, the French speaking Liberal party, is not in favour of the plan.
“The private shareholders must sort this out among themselves. The government should not pay billions – which it does not have – for a larger stake in a company that is already doing very well,” a source told De Tijd.
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The importance of Brussels Airport for Belgium’s economy
The news of a possible purchase of the OTPP shares comes just days after Brussels Airport has announced it will be investing € 500 million in an infrastructure revamp by 2032. Brussels Airport, which is located in Zaventem in Flemish Brabant, contributes 8.8 billion euros to Belgium’s GDP according to the Belgian news agency Belga.
Around 65.000 jobs depend on the airport, making it an important economic and strategic asset. It is officially Belgium’s second biggest economical powerhouse after the Port of Antwerp.
