United States public pension fund Calpers has taken a significant stake in London’s Gatwick Airport, following a deal with owners Global Infrastructure Partners (GIP).
The deal will see the fund take a 12.7 per cent stake in the airport, following a commitment of roughly $155 million to the proposal.
The move marks the first direct infrastructure investment foray 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.
New York-based GIP, which is backed by Credit Suisse Group AG and General Electric, outlined plans to sell stakes in the airport in December last year.
In February, the American group confirmed it was selling stakes of Gatwick to the Abu Dhabi Investment Authority and to Korea’s National Pension Service.