AMP Capital increases Oz airport stakes

The Sydney-headquartered fund manager has acquired an extra 3.5% stake in Melbourne and Launceston airports, taking its overall holding to 45.3%.

AMP Capital has increased its stake in Australia Pacific Airports Corporation (APAC), the owner of Australia’s Melbourne and Launceston airports. The additional 3.5 percent interest, worth A$157 million (€128 million; $164 million), takes AMP’s total holding in the business to 45.3 percent. 
The deal resulted from AMP Capital’s exercise of pre-emptive rights on behalf of its funds and clients. The Sydney-based fund manager has been an investor in Melbourne Airport since 1997, when it was privatised, and Launceston Airport since 1998. 
“The additional investment has been funded by a broad range of our Australian superannuation fund clients who had strong appetite to increase their exposure to a high quality core infrastructure asset which has delivered strong returns since inception,” said Paul Foster, AMP Capital’s head of infrastructure for Australia and New Zealand, in a statement. 
Melbourne Airport is the second-busiest airport in Australia, serving around 29 million domestic and international passengers per year; while Launceston Airport in Tasmania is the 13th-busiest airport in the country and serves more than 1 million passengers per year. 
In October last year, AMP Capital became a 49 percent shareholder in the UK’s Newcastle International Airport, having acquired the stake from Copenhagen Airports in a deal that involved financing of £218.5 million (€258.4 million; $330.5 million).