US pension fund buys stake in Gatwick Airport

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American public pension fund Calpers has recently taken a 12.7 per cent stake in London’s Gatwick Airport, following a US$155 million deal with owners, New York-based Global Infrastructure Partners.
The move marks the first in direct infrastructure investment by Calpers, the $200 billion California Public Employees’ Retirement System.
Global Infrastructure Partners bought Gatwick Airport from BAA Airports for £1.51 billion in 2009.
The deal followed a Competition Commission decision forcing BAA to break up its monopolistic control over UK airports.
At present the property is the second busiest airport in the UK, and the busiest single runway airport in the world.
Earlier this year GIP confirmed it was selling stakes of Gatwick to the Abu Dhabi Investment Authority and to Korea’s National Pension Service.