US Pension Fund In Edinburgh Airport Talks

April 2, 2012

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One of America's biggest pension funds is in talks with JP Morgan Chase about joining the US bank's bid for Edinburgh Airport, the Financial Times reported.

The investment would be TIAA-CREF's first direct investment in infrastructure in the UK if it were to go ahead.

Two second-round bidders dropped out last week leaving JP Morgan in a head-to-head contest with Global Infrastructure Partners, a fund set up by General Electric and Credit Suisse.

The Scottish airport, one of the UK's fastest growing, is expected to fetch between GBP£400 million (USD$641 million) and GBP£600 million and attracted bidders from around the world.

It is being sold by BAA after the UK's competition authorities decided the company controlled too much of the UK airport market.

(Ken Symon)