Canada’s Public Sector Pension Investment Board (PSP Investments) has offloaded its remaining stake, in Australia’s Sydney Airport, amounting to 71.7 million shares in a A$405.8m deal.

The sale was priced at A$5.66 a share, at a 3.1% discount on the last trading of $5.81, reported The Australian.

The deal was executed by UBS as the sole lead manager and underwriter.

"The deal was executed by UBS as the sole lead manager and underwriter."

In March, PSP reportedly sold 40 million shares to superannuation fund UniSuper for A$212m.

UniSuper, which previously held 12.6% in the airport increased its stake to 14% with the March deal, and continues to be the largest shareholder.

While the buyer in the latest deal is not known, reports said that Unisuper has no restrictions on the maximum stake it can hold in a company, unlike other funds in the country.

Founded in 1919, Sydney Airport was taken over by The Australian Government in the 1920s. It was privatised in 2002.

Image: Sydney Airport services around 39 million passengers a year. Photo: courtesy of Sydney Airport Corporation Limited.