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)
- 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).
- 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.
