Pension fund joins MAG Gatwick bid
04.04.09
Reuters reports that Manchester Airports Group (MAG), the British airport operator vying with Citigroup and GE-linked funds to buy Gatwick Airport, has gained the support of one of Britain's biggest retirement schemes to strengthen its bid.
MAG, already working with Canadian infrastructure investor Borealis, has brought in Greater Manchester Pension Fund (GMPF) as a minority partner in the consortium, a source familiar with the matter told the news agency on Friday. The fund manages public sector pensions for the 10 local authorities of Greater Manchester, who also own MAG, and is one of Britain's largest funded pension schemes.
The MAG-Borealis group is one of three consortia preparing binding bids for Gatwick. Bids are due by the end of April. The group's bid is likely to be cautiously structured, with up to half the value funded by equity, the source added.
It is competing with Global Infrastructure Partners (GIP) - a fund with General Electric and Credit Suisse as founding investors that already owns London City Airport. The third consortium is Citigroup unit Citi Infrastructure Investors, with Vancouver Airport Services and John Hancock Life Insurance Co, who are bidding jointly as Lysander Gatwick Investment Group.
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