Abu Dhabi SWF plans 15% stake in Gatwick
The Abu Dhabi Investment Authority (ADIA), Abu Dhabi's sovereign wealth fund, is reportedly planning to invest £125 million ($198.4 million) for a 15% stake in London's second-biggest airport, Gatwick Airport.
The airport was acquired last year by the $5.64 billion Global Infrastructure Partners fund, partly owned by Credit Suisse and General Electric, for £1.5 billion ($2.4 billion) from BAA Ltd. ADIA also bid for the asset, but dropped out before the final round. ADIA is considered the world's biggest sovereign wealth fund, with assets of $500-700 billion. ADIA's involvement emerged after South Korea's National Pension Service also announced plans to increase its investment in the airport from 1.3% to 12% for £100 million ($155 million). This series of share sales is apparently aimed at raising capital for development plans at Gatwick with 32 million passengers annually, especially renovating old buildings which require about £900 million ($1.4 billion) over the next four years.
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