Privatising the first airport in Japan

Japan’s very first infrastructure concession.

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Sector Infrastructure
Sub-sector Transport
Location Japan


Sendai Airport is one of the largest and busiest international airports in Japan with 3.7 million passengers per annum1. It also offers overseas visitors an alternative entry point to enter Tokyo, taking approximately 1.5 hours by train to reach the capital.

In March 2011, the airport was severely damaged by the Great East Japan Earthquake and tsunami after which time, the Japanese government was looking for a bidder to revitalise and operate Sendai Airport.


Acting as the sole financial advisor, Macquarie Capital developed the formation of the consortium committed to the rebuild of Sendai Airport, which was led by Tokyu Corporation, one of the largest railway companies in Japan. From the early stages of the deal, Macquarie Capital also advised public sector partners and investors on matters including transactional structure and rules.

Combining our global network of infrastructure experience in airport privatisation and our local expertise, we were able to deliver tactical bid advice to maximise competitiveness in this landmark transaction.

We provided a range of services throughout including valuation, due diligence, management of the bidding process and strategy, as well as business development planning.


In June 2016, Japan's Ministry of Land, Infrastructure, Transport and Tourism announced our consortium led by Tokyu Corporate had secured the contract to rebuild the operation of Sendai Airport. The contract is a JPY2.2 billion ($US21.1 million) agreement with a 30-year public service concession scheme.

Sendai Airport was the first airport in Japan to go private, marking a significant milestone in the country’s history of its development in public-private partnerships in infrastructure.

The revitalised airport has seen its complete recovery from the impacts it suffered from Great East Japan Earthquake with improved amenity and efficiency. The airport is now a central transportation hub in north-eastern Japan, connecting over three million passengers1 annually to the Tohoku region’s year-round destinations and vibrant tourism.


ever airport privatisation in Japan

USD21.1 million (JPY2.2 billion)

price for the concession rights

30 years

total concession period

1. FY2019/2020

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