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A major pension fund wants to buy a 12% stake in Gatwick Airport, in a bid to increase the proliferation of its services across the globe.
South Korea's National Pension Service (NPS) is one of the largest asset pools in the world, claiming funds in excess of £153bn.
The NPS opened a dialogue with Gatwick bosses in December last year, with a view to buying a portion of the airport at the beginning of 2010. The deal should be finalised later this week.
Gatwick was sold to Global Infrastructure Partners (GIP) in October, as part of a government plan to dismantle the BAA’s monopoly over UK aviation.
The GIP spent £1.51bn purchasing the airport, with a further £1bn earmarked for terminal expansions and other developments. The firm has yet to commit to any costly projects, however.
On the 9th February, GIP announced that it had no plans to build a second runway at Gatwick, fearing an ‘uncertain’ planning application that could cost the company up to £200m, whether it succeeded or not.
The millions accrued from the involvement of Korea’s NPS in the airport may help the GIP free up finances for smaller schemes, such as advertising and security upgrades.
Last year, the NPS bought the Canary Wharf headquarters of HSBC for a fee in excess of £770m and a building in Australia for £380m. The pension fund has hinted at the acquisition of more UK businesses, as part of a plan to raise £200bn within the next four years.
Gatwick has not commented on the sale.
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