Australian company Macquarie Airports has announced major changes to its European portfolio following the revamp of its holdings in Copenhagen and Bristol Airports.

The reshuffle has resulted in an agreement to raise the group’s holdings in Denmark’s capital to 30.8% while at the same time off-loading its 35.5% share in Bristol. The Bristol venture will see the £128m investment sold to the Canadian pension group Ontario Teachers’ Pension Plan. In exchange, the Canadian outfit is selling back 3.9% of its stake in the Danish airports group.

The decision comes on the back of the split by Macquarie Airports from parent company the Macquarie Group, the big spending Australian investment bank. Falling share prices and high debt levels have forced the group into reassessing the infrastructure model. Macquarie will now focus on its vast array of unlisted funds given that listed assets have devalued significantly in recent months.

Macquarie Airports was announced as being let go by the group in July this year, with the sale of assets estimated at £182. The plan included the sale of both holdings in Bristol and Japanese Airports. The Bristol sale represents a discount of 12.7% from the value of assets from 3 months ago. Despite the fall, the group claimed Bristol has been an excellent investment but it was now looking at a new direction for investors as the airport’s growth has been stunted.

Copenhagen Airport was chosen as the new investment, with Macquarie Airports announcing the purchase of an additional £60 million stake, around 4% overall. The decision was made after analysts viewed Copenhagen as a growth target after a quiet travel season, but a forecasted increase in budget flights and passenger numbers made it a wise choice.

Macquarie Airports said cash reserves would be raised by around £500 million in the deals.