GIP eyes sale of stake in Gatwick airport

27.9.2010 (Telegraph)

Global Infrastructure Partners, the owner of Gatwick, is in talks to sell part
of its shareholding in the airport to an unidentified investor.

Well-placed sources said that GIP is holding negotiations to offload a minority
stake to a global institutional investment group.

The stake up for sale is similar in size to the 12% stake purchased by South
Korea’s national pension fund for just under £100m.

The identity of the acquirer is unclear, but bankers thought it most likely to
be a sovereign wealth fund from Asia or the Middle East.

A deal is likely to complete by the end of the year.

At the same time, GIP is also understood to be raising a new fund and is seeking
partners to invest $5bn-$6bn, which will be similar in size to the fund it raised
originally in 2006.

GIP bought the airport for £1.5bn after the Competition Commission ordered BAA
to sell Gatwick, Stansted and either Glasgow or Edinburgh airports by 2011.    
GIP has already syndicated some of its shareholding in Gatwick, as seen in the
South Korean deal.

The Abu Dhabi Investment Authority also snapped a 15% shareholding in Gatwick
for around £125m, while US public pension fund Calpers bought 12% in June.

Although GIP is looking to sell one more minority investment in Gatwick, it will
retain management control of the airport with a 51% shareholding.

GIP declined to comment.



see also



Calpers acquires 12.7% stake in Gatwick Airport

18.6.2010 (Reuters)

Calpers, the biggest U.S. public pension fund, said on Friday it had committed
up to roughly $155 million to Global Infrastructure Partners for a 12.7\% equity
stake in London’s Gatwick Airport.

The commitment marks the first direct infrastructure investment foray by Calpers,
the $200 billion California Public Employees’ Retirement System.

It covers the equity purchase price and provisions for bridge costs and future
administrative expenses, Calpers said in a statement.

“We are looking for opportunities to invest directly in high-quality infrastructure
assets. We see it as a good fit for our burgeoning infrastructure program,” said
George Diehr, chairman of Calpers’ investment committee.

Earlier this year, Global Infrastructure Partners, founded by Credit Suisse (CSGN.VX)
and General Electric (GE.N), sold stakes in Gatwick to the Abu Dhabi Investment
Authority, the world’s largest sovereign wealth fund, and to South Korea’s National
Pension Service.