Qatar Holding has purchased a 20% stake in UK airports operator BAA. According to the company, the transaction is conditional upon approval by European Union competition authorities. If approved, the deal is expected to close by year end.

The fund has acquired the stake in PGP Topco, the consortium formed by Spanish infrastructure conglomerate Ferrovial to buy BAA in 2006, for £900 million ($ 1.35 billion), valuing BAA at £4.5 billion. The shares come from three members of the consortium.

Qatar Holding called the UK “an attractive investment destination” and said there is “long-term fundamental strength” in the British economy.