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Caisse de depot reduces stake in Heathrow

Oct. 31, 2012, Montreal - The Caisse de depot has reduced its stake in Heathrow Airport Holdings Ltd. for the second time in two months by selling a 2.26 per cent interest to Stable Investment Corp., a subsidiary of China Investment Corp., for $164 million.


October 31, 2012
By The Canadian Press

The Quebec-based pension fund manager says the sale flows from its right to tag-along with Ferrovial's decision to sell a 5.72 per
cent stake to the sovereign wealth fund for $415 million. Overall, Stable Investment has acquired 10 per cent of Heathrow Airport
Holdings from various partners for $723 million.

In August, the Caisse sold a 5.63 per cent interest in what was formerly known as BAA Ltd. to Qatar Holdings Ltd. for $393.6 million.

The two transactions will reduce its interest in the airport operator to 13.29 per cent.

"The transaction is part of our commitment to rebalance and better diversify our infrastructure portfolio,'' stated Normand Provost, executive vice-president, private equity.

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He added that the Caisse expects to remain a partner in Heathrow Airport Holdings, which he described as a high-quality strategic
asset, while seizing new infrastructure investment opportunities.

The Caisse was part of the consortium led by Ferrovial that acquired BAA in 2006 for $20 billion.

One of Canada's largest institutional fund managers, the Caisse oversees public and private pension and insurance plans and held
$159 billion of net assets as of Dec. 31.