Gatwick owners discuss sale of stake in airport

News at Gatwick 04/10/2010

Airlines face new problem over seat safety : October 2010 : Gatwick planning major refurbishment

Gatwick owners Global Infrastructure Partners are in talks to sell part of their shareholding.

Global Infrastructure Partners (GIP), the owners of Gatwick Airport, are reportedly in talks to dispose of some of their shareholding in the airport. According to reports, GIP is negotiating with a global institutional investment group to take a minority stake in Gatwick.

The shareholding is of similar size to the 12 per cent recently bought by the national pension fund of South Korea. That acquisition was valued at nearly £100 million. The exact identity of the potential buyer is not clear. Banking sources, however, say it is most likely to be one of the sovereign wealth funds in the Middle East or Asia.

It is likely that the sale will be finalised before next year. Meanwhile, GIP is thought to be looking for partners who can invest between five billion and six billion pounds in a new fund. This would be roughly the size of the fund GIP generated in 2006.

BAA was forced to sell Gatwick to satisfy the Competition Commission. At the time, BAA had been ordered to sell Gatwick and Stansted, as well as Glasgow or Edinburgh before 2011. Abu Dhabi Investment Authority and Calpers, an American public pension fund, also hold stakes in Gatwick.

Airlines face new problem over seat safety : October 2010 : Gatwick planning major refurbishment

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