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