The Caisse de dépôt et placement du Québec sold part of its investment in the UK’s Heathrow Airport Holdings Ltd. to a subsidiary of China Investment Corp. for C$164 million. The Caisse, which also sold interests to Qatar Holdings Ltd. in August, was one of a group of investors which acquired Heathrow (formerly BAA Ltd.) for C$24.7 billion in July 2006.
The Caisse sells a 2.26% interest in Heathrow Airport Holdings ltd. (previously BAA Ltd.)
Montréal, October 31, 2012 – As part of the transaction announced by Ferrovial earlier today, the Caisse exercised its tag-along right and sold a 2.26% interest in Heathrow Airport Holdings Ltd. (previously known as BAA Ltd.) to Stable Investment Corporation, a wholly-owned subsidiary of CIC International Co., Ltd. for an amount of CDN$164 million (£102 million).
Through this sale and conditional upon obtaining approval from the European competition authorities for the transaction announced in August 2012 for the sale of a 5.63% interest in Heathrow Airport Holdings to Qatar Holding LLC, the Caisse’s interest in Heathrow Airport Holdings will be 13.29%.
“The transaction is part of our commitment to rebalance and better diversify our infrastructure portfolio. Heathrow Airport is a high-quality strategic asset and we expect to remain a partner of Heathrow Airport Holdings while seizing new infrastructure investment opportunities as they arise,” said Normand Provost, Executive Vice-President, Private Equity at the Caisse.
Earlier today, Stable Investment Corporation acquired 10% of the units of Heathrow Airport Holdings for an amount of CDN$723 million (£450 million).
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2011, it held $159.0 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.