Nine years after funneling $155 million into the United Kingdom’s second-busiest airport, the California Public Employees’ Retirement System (CalPERS) is seeing substantial growth in its initial investment.
The pension fund’s investment in the Gatwick Airport in London has now reached a value of $1.24 billion, reported its chief investment officer Monday.
The information was reportedly revealed during the pension system’s semi-annual retreat meeting, which took place last week in Santa Rosa, Calif.
The airport services around 46 million passengers per year. As of March 31, CalPERS received £411.2 ($514.2 million) in revenue from the airport over the past year.
Gatwick is planning to spend £1.11 billion ($1.38 billion) in the next five years to expand its two terminals and convert an existing standby runway to accommodate more flights, according to the media source.
CalPERS reported a $4.37 billion market value for its infrastructure portfolio.
