The OTPP revealed that it was looking to increase its stake in the airport earlier this year, while Macquarie is now reportedly looking to exit its shareholding, said Infrastructure Investor.
The deal is said to be worth £250m.
The pension fund originally invested in the British facility in 2002 and increased its stake to 50 per cent in 2009 with the acquisition of a 35 per cent stake from Australian asset manager Macquarie.
The OTPP joined a private equity-backed consortium to buy Australian property services business DTZ for A$1.21bn in June this year.
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