Industry Funds Management (IFM) has taken a 35.5 per cent stake in the largest UK-owned airport operator, Manchester Airports Group (MAG).
The announcement came after the airport operator was successful in its bid to buy London’s Stansted Airport for $2.3 billion.
IFM’s investment in MAG and the acquisition of London Stansted Airport are expected to reach financial completion by the end of next month.
IFM global head of infrastructure Kyle Mangini said its equity stake in MAG would further their strategy of investing in “high-quality, core infrastructure assets”.
MAG owns and operates Manchester International Airport, as well as two other British airports.
As of September 2012, IFM’s airport investments, including significant interests in nine Australian airports, exceeded $1.8 billion in equity value.
