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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REAL ESTATE SECTOR
Aena (AENA SM) is reported to be looking at buying Edinburgh Airport from US fund Global Infrastructure Partners (source: Expansion).
- GIP was reported to be looking at a sale as far back as Oct-22 but rumours only resurfaced in Dec-23 with the rumoured price having dropped closer to GBP2bn (from GBP3bn the year prior). GIP bought it for GBP807m in 2012.
- Aena already manages around 70 airports (including London Luton), has net debt around EUR7bn but does already have committed facilities of over EUR2bn so this deal is easily within its firepower.
- Aena only has one liquid debt line (ZH243866 Corp) whose OAS has barely moved in a year; similar lines from EDF and Schipol show similar lack of vol (see graphic).
The point here isn't relative value, it's a trend of financial buyers trying to trade out of assets in face of big refi events, often in favour of industry owners. Most private capital firms have enjoyed a decade of near-free money and, aside from the inevitable tail event shocks that seem likely, a wider trend to exit infrastructure assets may be setting in.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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