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Caisse de dépôt et placement du Québec Sells British Airport Holdings

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.

PRESS RELEASE

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.