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The Qatar Investment Authority will take a 20% stake in Heathrow operator BAA in a £900 million deal through subsidiary Qatar Holding that suggests the sovereign wealth fund is confident of a third runway being built.
The deal will see BAA’s controlling shareholder, Spanish group Ferrovial, sell a 10.6% stake and partner shareholders Britannia Airport Partners and GIC of Singapore sell a further 9.4%.
The sale will leave Ferrovial owning 39.4% of BAA although it will remain the biggest shareholder.
In a statement the Qatar Investment Authority described the UK as “an attractive investment destination”, noted the “long-term fundamental strength in the British economy” and said: “This acquisition is a key element in our exposure to the infrastructure sector.”
Construction and infrastructure group Ferrovial led a consortium which bought out BAA for £10.3 billion in 2006 near the height of the stock market. Ferrovial paid about £5.5 billion for a 55% stake.
BAA then included Gatwick and Edinburgh airports as well as Heathrow, Stansted, Glasgow, Aberdeen and Southampton.
Within months Heathrow was at the centre of the liquids bomb scare that forced an overhaul of airport security.
more.................................
http://www.travelweekly.co.uk/Articl...heathrow.html?
The deal will see BAA’s controlling shareholder, Spanish group Ferrovial, sell a 10.6% stake and partner shareholders Britannia Airport Partners and GIC of Singapore sell a further 9.4%.
The sale will leave Ferrovial owning 39.4% of BAA although it will remain the biggest shareholder.
In a statement the Qatar Investment Authority described the UK as “an attractive investment destination”, noted the “long-term fundamental strength in the British economy” and said: “This acquisition is a key element in our exposure to the infrastructure sector.”
Construction and infrastructure group Ferrovial led a consortium which bought out BAA for £10.3 billion in 2006 near the height of the stock market. Ferrovial paid about £5.5 billion for a 55% stake.
BAA then included Gatwick and Edinburgh airports as well as Heathrow, Stansted, Glasgow, Aberdeen and Southampton.
Within months Heathrow was at the centre of the liquids bomb scare that forced an overhaul of airport security.
more.................................
http://www.travelweekly.co.uk/Articl...heathrow.html?