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GIP Selling Edinburgh Airport... And Now Selling Itself

CREDIT UPDATE
Yesterday we noted Aena (AENA SM) looking at buying Edinburgh Airport from Global Infrastructure Partners... now FT is reporting GIP is selling itself to BlackRock (BLK US)
  1. Our thesis was that rising rate environment has squeezed financial buyers of infrastructure assets which, in this case, one is looking at offloading to an industry buyer (Aena is a major aiprort operator already).
  2. Now, GIP appears to be selling itself to one of the investment behemoths which can be viewed as a top-of-the-market move by GIP's principals. Either way, the refi point remains and financial owners selling to industry owners appears a solid expectation, we feel.

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