The Sydney Aviation Alliance – made up of QSuper, IFM Australian Infrastructure Fund, the IFM Global Infrastructure Fund and Global Infrastructure Partners – submitted a proposal to acquire all of the stapled securities in Sydney Airport Limited and Sydney Airport Trust 1 via a scheme of arrangement and a trust scheme last Friday.
The consortium believes that the proposal “would deliver significant value and economic certainty to Sydney airport securityholders and is in the long-term interest of Sydney and the travelling public”.
The proposal, which implies an equity value of $22.3 billion for Sydney Airport, is conditional on UniSuper (its largest shareholder) agreeing to reinvest its holding into an equivalent unlisted and illiquid interest.
Sydney Airport would not be the first airport that the consortium has approached, having invested more than $3.8 billion in capital programs over the last five years, including the construction of a second runway at Brisbane Airport and improvements to terminals at Melbourne Airport.
It has not yet been confirmed if the Sydney Airport board has agreed to the proposal.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
