Korean pension fund to buy airport stake
02.02.10
South Korea's National Pension Service (NPS), the world's fifth biggest pension fund, is to pay £100m for a 12% stake in Gatwick Airport. Chairman Jun Kwang-Woo said Britain was an attractive place to invest because of the stable and reliable regulatory structure for privately-owned infrastructure assets.
BAA sold Gatwick late last year to Global Infrastructure Partners (GIP), a fund controlled by Credit Suisse and General Electric, for £1.51 billion. However, it is not clear how much of the price was funded with debt and how much with equity, so a simple '£100m is less than 12% of £1.51 billion' is not possible. At the time GIP bought Gatwick it said that it would look to 'securitise' the investment, just as it did when it bought London City Airport.
NPS and GIP will formally sign the deal made next week, an NPS official said.
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