South Korean Pension Fund Plans to Buy Stake in Gatwick Airport

3 February 2010 (Last Updated February 3rd, 2010 18:30)

South Korea's National Pension Service (NPS) plans to buy a 12% stake in Gatwick Airport for £100m ($159m) in an effort to increase investment in alternative assets. The National Pension Service and Global Infrastructure Partners (GIP) will sign a formal agreement next week, accordi

South Korea's National Pension Service (NPS) plans to buy a 12% stake in Gatwick Airport for £100m ($159m) in an effort to increase investment in alternative assets.

The National Pension Service and Global Infrastructure Partners (GIP) will sign a formal agreement next week, according to Reuters.

The sale was part of an equity syndication programme by GIP, although the company would remain the majority shareholder in Gatwick.

Sponsored by Credit Suisse and General Electric, GIP purchased London's Gatwick Airport for £1.51bn ($2.41bn) last year from BAA, which is majority owned by Spain's Ferrovial.

NPS is the fifth-largest pension fund in the world with around 274tn won ($237bn), while GIP is an infrastructure fund of $5.64bn (£3.53bn).