Gatwick owners Global Infrastructure Partners, or GIP, is planning to sell a further stake in the airport, a person familiar with the matter said Monday.

GIP, the $5.64 billion investment fund backed by Credit Suisse Group (CS) and General Electric (GE) bought the airport of Spain's Ferrovial S.A. (FER.MC) last year for GBP1.5 billion and any sale will be the fourth since the start of the year.

It sold a 15% stake to Abu Dhabi Investment Authority, or ADIA, for about GBP125 million and a 12% stake to South Korea's National Pension Service's for approximately GBP100 million in February. More recently in June it sold a further 12% stake to California Public Employees' Retirement System, or CalPERS, for some GBP100 million.

GIP sale is in line with its original strategy to sell down its interest but not below a majority stake. That means it could sell a further 10% stake that could generate about GBP83 million, which would still leave GIP with 51% majority interest.

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Posted by mopeng at September 27, 2010 9:32 AM