Europe’s airports have had a tough time of it the past few years. In 2010, the massive ash cloud from Iceland’s Eyjafjallajökull volcano canceled tens of thousands of flights, and the ongoing global financial crisis continues to stunt airline traffic; however, many long-term investors see opportunity in the challenging environment.
The California Public Employees’ Retirement System, for example, paid about $155 million for a 12.7 percent stake in London’s Gatwick Airport in 2010, and the Ontario Teachers Pension Plan acquired stakes in the Brussels and Copenhagen airports in June 2011 paying more than $1.7 billion.
Global Infrastructure Partners, meanwhile, acquired Edinburgh Airport in April 2012 for $1.3 billion;
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