USS completes sale of stake in Heathrow Airport

Following the disclosure from Ferrovial SE on 12 December, we can confirm that USS has completed the sale of a 7.90% stake in FGP Topco Limited (parent company of Heathrow Airport Holdings Ltd), alongside certain other shareholders, for consideration of £684m, retaining a 2.10% shareholding. USS would like to thank the team at Heathrow and fellow shareholders for their collaboration and cooperation during the sale process, and over the past 11 years.

Commenting on the deal, Simon Pilcher, CEO, USS Investment Management Limited, said: “We continue to see private infrastructure as an attractive asset class that can deliver strong returns for the scheme, alongside other opportunities within private markets. Almost a third of scheme assets are invested in private markets globally, including a number of assets held in the UK. The UK remains a key market for us, and we are actively exploring opportunities to redeploy the capital raised from this sale.”