GIP aims on a 12% sale

Gatwick International Airport is the second-largest airport at UK. It is currently under the supervision of Global Infrastructure Partners (GIP). GIP is considering the sale of a fourth minority holding in the Crawley hub. This is to follow previous deals made with the South Korean National Pension Service (NPS), the Abu Dhabi Investment Authority (ADIA) and US firm Calpers.

If the infrastructure finances are triumphant in its talks with its ‘outside investor’, to quote news agency Reuters, a 9-12% stake in Gatwick could be sold before the end of 2010, possibly to another pension or investment fund. But, GIP cannot sell any more than 9% if it desires to keep majority dominance over the airport.

Sunday Telegraph was the newspaper that made public the plan of GIP. It said that the reasons why it came to their attention earlier that week is because of its “well-placed” sources and even the Gatwick employees.

Earlier sales of Gatwick’s assets delegated 12% (NPS), 15% (ADIA) and 12.7% (Calpers) to shareholders respectively.

Most of the data relating the sales is surmise. The existing figures show that a 9% stake in Gatwick would sell for £75m. In contrast, the ADIA waged £125m for its portion of the West Sussex airport, whilst South Korea’s NPS pronged out £100m for a 12% stake. Calpers devoted £98m in June 2010.

The above-mentioned newspaper foresees that the identity of the Gatwick’s latest investor is not definitely in assistance with the “global institutional investment group” and “sovereign wealth fund” topping the roll of probable suitors. However, it seems likely that the purchaser will be from Asia or the Middle East.

The sale is not yet guaranteed if it would push through. But the infrastructure fund of £3.58bn is trying to raise £3-£4bn for other project but to this day it isn’t yet known.

GIP owns the Gatwick Airport and together with it are other industrial enterprises such as liquid storage and gas pipelines. But it is safe to conclude that the fund can cultivate new taxes into a similar project, probably another UK airport in the works.