South Korea buys into Gatwick

The move highlights a trend among pension funds to invest directly in infrastructure assets in search of improved returns rather than use infrastructure funds, as they seek to match long-term investments with their long-term liabilities.

A formal signing of the deal between the world's fifth largest pension fund and infrastructure fund Global Infrastructure Partners (GIP) will be made next week, a NPS official said.

A spokesman for Gatwick Airport said the sale was part of an equity syndication programme by GIP that could result in more sales of minority stakes.

He added GIP would remain a majority shareholder in Gatwick.