NZ investor jettisons $65m airport stake

Infrastructure investor Infratil has sold its 3.87% stake in Auckland International Airport, which is the largest airport in New Zealand, as part of its programme of divesting non-core assets.

New Zealand-based infrastructure investor Infratil has sold its stake in Auckland International Airport for NZ$87.25 million (€43 million; $65 million).

The company sold its 3.87 percent stake in the publicly listed airport, which is the largest in New Zealand, via an institutional placement priced at NZ$1.84 per share.

The sale forms part of Infratil’s capital management initiative which has seen the firm sell a number of non-core assets in order to fund future investment opportunities. In a stock exchange filing, Infratil CEO Marko Bogoievski said the firm has divested over NZ$215 million of assets and raised over NZ$98 million of new capital since the end of March under the initiative.

Infratil said it would record a gain on the sale of NZ$6 million.

Last week Infratil sold its 90 percent interest in Lübeck Airport in Germany after the airport failed to reach forecasted passenger targets. The firm exercised an option to sell the stake back to the City of Lübeck, the authority from which it had originally bought the airport, for €25.5 million ($38 million).

Infratil is leading a consortium, also including New Zealand Superannuation Fund, which is currently closing in on the acquisition of a bundle of oil distribution assets in New Zealand from oil group Shell. Analysts have suggested the price of the assets could be in the region of NZ$600 million.