Sydney, 01 October 2019
A consortium comprising QIC and Royal Schiphol Group has signed an agreement to acquire 70% of Hobart International Airport (Hobart Airport), one of Australia’s fastest growing airports, representing 50.1% from Macquarie Infrastructure and Real Assets (MIRA) managed fund Global Infrastructure Fund III and 19.9% from Tasplan Super.
Tasplan Super and MIRA, on behalf of its investors, acquired stakes in the airport in 2007 and since that time more than $A150 million has been invested in the airport to better connect Tasmania’s economy with mainland Australia and the world. This sustained investment has seen total passenger numbers increase by more than 50%, from 1.7 million in 2008 to over 2.7 million1 in 2019, making Hobart one of the fastest growing Australian airports.
Following a major terminal refurbishment in recent years and construction of a 6,000m2 freight storage facility, supporting Tasmania’s rapidly growing fresh produce market, work is currently underway on the airport’s forecourt to facilitate further expansion. The airport’s route network has also grown, further strengthening Tasmania’s tourism industry, with domestic destinations up from 3 to 6 – adding Gold Coast, Adelaide and Perth routes and future international connectivity facilitated by the completion of a 500-metre runway extension.
Grant Smith, Head of MIRA Infrastructure Australia, said: “During our 12-years of ownership we have worked closely with airport management to significantly enhance this essential asset for the people of Tasmania and their visitors, supporting growth in tourism and making an important contribution to the local economy. We are pleased to be leaving the airport in a strong position to serve this thriving region of Australia and to be transitioning our stake to a consortium of experienced, long-term investors.”
The airport now contributes more than $A150 million in added economic value to Tasmania each year and is a large employer in the region, with over 600 full time jobs generated by the airport and its tenants. The airport has also established a community focused platform to support social, education and environmental initiatives, including a number of local not for profit and conservation groups, committing over 500 hours and working with 26 organisations.
Wayne Davy, CEO, Tasplan Super, said: “Having been part of the Hobart Airport story for the past 12 years, this presented a good opportunity for us to realise some of the investment on behalf of our members, while retaining a meaningful stake in this important asset for the people of Tasmania. We remain a committed, long term-investor and look forward to working with the consortium.”
Sarah Renner, CEO of Hobart Airport, said: “Hobart Airport is an integral part of Tasmania with a commitment to connecting the local community with communities across the globe. We look forward to working with QIC and Royal Schiphol Group to continue this important work and maintaining our focus on providing outstanding service to airport users.”
The sale is expected to reach completion by the end of October.
MIRA is one of the world’s leading alternative asset managers. For more than two decades, MIRA has partnered with investors, governments and communities to manage investments in assets relied on by more than 100 million people each day.
As at 31 March 2019, MIRA had $A181.7 billion in assets under management, with many of those assets being essential to the sustainable development of economies and communities, including; 155 portfolio businesses, ~600 properties and 4.7 million hectares of farmland.