Canadian funds look to acquire UK airports
Canadian funds look to acquire UK airports - Gatwick,Edinburgh,Glasgow,Stansted Airport News
Airport news for Gatwick,Edinburgh,Glasgow,Stansted on 30/03/2009.
Three major airports in Britain will be auctioned by BAA, the world's largest airports operator, according to the Globe and Mail.
Borealis, the infrastructure division of Ontario’s Municipal Employees Retirement System, Canada’s Pension Plan Investment Board and the Ontario Teachers Pension Plan have all joined consortiums seeking to purchase BAA's Gatwick airport, executives close to the funds said to the newspaper.
Given the economic climate, it is possible that the company's owners, including the Quebec pension fund management group, might be forced to unload the airports, the Global and Mail report noted. Lower prices for the airports could make this a compelling opportunity for other major pension funds in Canada, it added.
Spanish infrastructure firm Ferrovial, which acquired the UK airports when the market was at a peak in 2006, has been ordered by the UK’s monopoly watchdog to sell off three of its seven airports within two years.
The UK Competition Commission has announced that BAA must sell off London Stansted airport and either Edinburgh or Glasgow airport in Scotland, once the sale of Gatwick has been completed.
Representative of Canada’s Pension Plan Investment Board and the Ontario Teachers Pension Plan were not immediately available for comment.
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