US pension fund takes stake in Gatwick

The biggest US public pension fund is to take a stake in Gatwick for $155 million.

The California Public Employees’ Retirement System (CalPERS) is buying a 12.7 per cent shareholding in the UK’s second busiest airport from Global Infrastructure Partners, which acquired Gatwick from BAA last year.

“We are looking for opportunities to invest directly in high-quality infrastructure assets. We see it as a good fit for our burgeoning infrastructure program,” said George Diehr, chairman of CalPERS’ investment committee.

Global Infrastructure Partners sold stakes in Gatwick to the Abu Dhabi Investment Authority and to South Korea’s National Pension Service earlier this year.

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