Heathrow Airport Holdings other UK airports include Stansted, Southampton, Glasgow and Aberdeen.

 

CIC was set up in 2007 to invest some of China's foreign exchange reserves.

 

Despite concerns in other countries about Chinese access to key assets, the UK has been developing closer business ties with China. 

 

"It is fair to say that the UK has a more open relationship with China than many other major economies," said Stephen Joske, senior manager at Australia Super, a pension fund based in Beijing. 

 

"There is certainly push all around the world for scrutiny¹ of Chinese investment - it has been ringing alarm bells. 

 

"It is unfair to an extent, as these deals are a win-win transaction. Politics has been overshadowing economics." 

 

This is CIC's second major investment in UK infrastructure². In January, it bought 8.68% of the firm behind UK utility group Thames Water.

 

The latest airports deal will see the fund pay £450m ($726m) for a 10% stake in Heathrow Airport Holdings Ltd, which was previously³ known as BAA Ltd. 

 

Under the terms of the agreement it will buy 5.7% stake in FGP Topco Ltd from Spanish firm Ferrovial for £257.4m. FGP Topco is the holding company which owns Heathrow Airport Holdings Ltd. 

 

CIC will get the remaining 4.3% stake from other shareholders⁴ of FGP Topco Ltd at a cost of £192.6m.

 

The Chinese investment company is not the first foreign firm to buy a stake in the Heathrow holding firm. 

 

In August, Qatar Holdings bought a 20% stake, and this deal is currently awaiting approval from European competition regulators.

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