Canadian Pension Fund Prepares Bid For Gatwick Stake

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    Sky News reported that a Canadian pension fund is getting ready to present a bid for a stake in Gatwick Airport which could likely be worth £3 billion.

    Reportedly, the Canada Pension Plan Investment Board is part of a consortium in the discussions to buy out the largest shareholder of Gatwick, Global Infrastructure Partners, in the said deal.

    Sky also reported that a deal would likely be finalised within weeks.

    Global Infrastructure Partners owns a 42 percent stake in Gatwick, however, it is expected to maintain a management contract even after it sells all or the majority of its stake.

    Other shareholders in the airport include the National Pension Service of Korea, the Abu Dhabi Investment Authority, the California Public Employee Retirement System, and the Future Fund of Australia.

    The plans to use its standby runway to boost capacity were published by Gatwick this week.

    This comes after a decision that was made by the government to create a new runway at Heathrow Airport, despite a lengthy self-promotion campaign that was made by Gatwick.

    Stewart Wingate, the chief executive of Gatwick, stated: “From using new technologies on our main runway, to the innovative proposal to bring our existing standby runway into routine use, our draft master plan offers agile, productive and low-impact ways of unlocking much-needed new capacity and increased resilience from within our existing infrastructure.”

    Communities Against Gatwick Noise and Emissions, a campaign group, criticised the proposed sale and the plans to open another runway.

    It stated: “This is not good news for communities of Sussex, Surrey and Kent, as it means we face another overseas investor that simply seeks to profit by blighting communities further with growth of aircraft movements which would seem to beautifully coincide with the Gatwick master plan of three runways in West Sussex – revenue before the welfare of residents to profit shareholders, it stinks!”