IFM Global of­fers 21pc pre­mium to in­crease VIA stake

The Pak Banker - - 6BUSINESS -

IFM Global In­fra­struc­ture Fund of­fered to pay a 21 per­cent pre­mium to in­crease its stake in Vi­enna In­ter­na­tional Air­port as the Aus­tralian pri­vate-equity in­vest­ment com­pany seeks sta­ble in­come from in­fra­struc­ture oper­a­tors amid a drop in in­ter­est rates.

IFM plans to pay 100 euros a share to lift its hold­ing in Flughafen Wien AG to 39.9 per­cent from 29.9 per­cent, the com­pa­nies said Mon­day in a state­ment. That com­pares with Flughafen Wien's 82.73 euro-ashare clos­ing price on Fri­day. The air­port op­er­a­tor, ma­jor­i­ty­owned by Aus­trian re­gional gov­ern­ments, jumped 17 per­cent to 96.49 euros as of 10:55 a.m. in Vi­enna.

IFM, which is based in Mel­bourne and has been Flughafen Wien's big­gest sin­gle share­holder since 2014, man­ages $3.98 bil­lion worth of in­vest­ments on be­half of 30 pen­sion funds and has been adding in­fra­struc­ture as­sets in the U.S., Aus­tralia, Poland and Ger­many.

Record low in­ter­est rates chal­lenge the abil­ity of re­tire­ment funds to meet their obli­ga­tions to ag­ing pop­u­la­tions across the in­dus­tri­al­ized world.

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