Global Infrastructure Partners (GIP), the $5.64 billion independent fund manager, is in talks with a fourth investor to syndicate a final equity stake in London’s Gatwick airport, a source familiar with the negotiations told Infrastructure Investor.
Gatwick: talks ongoing
So far, GIP has successfully syndicated a total of 39.7 percent of Gatwick’s equity to three institutional investors for a total of over £330 million. That leaves it with 60.3 percent of the equity in Gatwick, opening the door for a last minority stake sale of 9.3 percent before GIP would hit the 51 percent threshold needed to keep control of the airport.
The California Public Employees’ Retirement System (12.7 percent), the Abu Dhabi Investment Authority (15 percent) and South Korea’s National Pension Service (12 percent) have all bought stakes in Gatwick over the course of the year.
GIP acquired Gatwick from Ferrovial-owned BAA in December 2009 for £1.5 billion. The airport, located 28 miles south of London, serves approximately 33 million passengers a year, making it the UK’s second-largest airport behind London Heathrow.