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Ferrovial sells 5.72% of Heathrow Airport Holdings to CIC

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According to the press release, “Ferrovial has announced the sale of 5.72% of Heathrow Airport Holdings Ltd, previously known as BAA Ltd., to Stable Investment Corporation, a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million. Ferrovial continues to be the industrial partner in Heathrow Airport Holdings Ltd.

Ferrovial, currently the indirect owner of 49.99% of Heathrow Airport Holdings Ltd., previously known as BAA Ltd., has reached an agreement to sell 5.72% of FGP Topco Ltd., the holding company which owns Heathrow Airport Holdings Ltd., to Stable Investment Corporation (“Stable”), a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million pounds, equivalent to EUR 319.3 million.

As part of the same transaction and at the same price per share, Stable has acquired shares from other shareholders of FGP Topco Ltd. for GBP 192.6 million pound sterling, equivalent to EUR 238.9 million euro. Upon completion of this transaction, Stable will own 10% of Heathrow Airport Holdings Ltd.

Ferrovial’s indirect stake in Heathrow Airport Holdings Ltd. will reduce to be 39.37% as a result of the transaction announced on 17 August 2012 to Qatar Holdings, which is subject to European competition approval and expected to close prior to the end of 2012. Ferrovial’s indirect stake will further reduce to 33.65% as a result of this transaction. The transaction with Stable is unconditional and closes today 31 October 2012. Following closing today, Ferrovial owns 44.27% of Heathrow Airport Holdings Ltd.

Stable will join the boards of FGP Topco Ltd. and Heathrow Airport Holdings Ltd. Britannia Airport Partners LP, GIC and Alinda continue as shareholders of FGP Topco Ltd.

“This sale of a stake in Heathrow Airport Holdings Ltd. is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in Heathrow Airport Holdings Ltd. as the industrial partner. As previously stated, we will continue to work with the new shareholders and with existing shareholders to ensure that Heathrow Airport Holdings Ltd. retains its position as one of the best infrastructure assets in the world,” said Íñigo Meirás, CEO.

The transaction brings further enhancement to Ferrovial’s liquidity position and financial flexibility.

A consortium including Ferrovial acquired BAA Ltd., now renamed as Heathrow Airport Holdings Ltd., in June 2006. Heathrow Airport Holdings Ltd. owns Heathrow and Stansted airports (both in London), Glasgow and Aberdeen airports (in Scotland) and Southampton airport (in southern England). In the first six months of 2012, those airports handled 47.4 million passengers.”

Read more: Ferrovial Press Release

Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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