CANADA/NEW ZEALAND - The Canadian Pension Plan (CPP) has signalled its intention to submit a proposal to acquire a minority stake in Auckland International Airport Limited (AIAL).
The C$120bn fund said it would limit its share to a maximum of 49% and accommodate proportionate stakes to local and national investors.
Mark Wiseman, senior vice president for private investments at CPP, said: “We aim to deliver significant value to AIAL shareholders, while preserving ongoing substantial levels of New Zealand ownership of the airport.”
CPP stated it had completed the necessary due diligence on the airport and its management.
AIAL issued a statement saying it was aware of CPP’s statement, but had yet to receive a formal submission from the Canadian fund.
In August, Global Pensions reported that the New Zealand Superannuation fund and Infratil Limited acquired a 6.2% share in AIAL, with the super fund holding additional separate holdings in the airport.
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