Industry Funds Management (IFM), the Australian asset manager owned by more than 30 superannuation funds, announced today that it has increased its ownership in five Australian airports.
The move comes as part of Future Fund’s ongoing $2 billion acquisition of the Hastings-managed Australian Infrastructure Fund (AIX), which has triggered pre-emption rights for several of the assets owned by AIX.
Taking advantage of those pre-emption rights, IFM was able to increase its stake in NT Airports – the manager of Darwin, Alice Springs and Tennant Creek airports – from 55.6 percent to 77.4 percent. In addition, it upped is holding in APAC – which owns Melbourne and 90 percent of Launceston Airport – from 20.7 percent to 23.7 percent.
“This is a rare opportunity to increase our ownership interests in proven, quality Australia airports,” commented Kyle Mangini, IFM’s global head of infrastructure. “We are very pleased to deliver this outcome to our investors,” he added.
IFM is invested in five Australian airport companies managing nine airports.
The Australia fund manager has been boosting its airports portfolio of late. Its most recent high profile acquisition was the purchase of a 35.5 percent stake in the UK’s Manchester Airports Group, as part of a deal that saw the latter buy London’s Stansted Airport for $2.4 billion.