IFM Global offers 21pc premium to increase VIA stake
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.