Australia's IFM enters UK airspace
An investor in Australian airports for 15 years, Industry Funds Management (IFM) - which is owned by 30 domestic superannuation funds - has made its first foray into the global market with the acquisition of a 35.5% stake in Manchester Airports Group (MAG), one of the largest airport operators in the UK.
The investment is part of the MAG's GBP1.5 billion ($2.4 billion) purchase of London Stansted Airport, Britain's fourth-largest airport by passenger numbers. MAG had made no secret of its interest in Stansted...
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