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Instos buy up aviation assets
AMP Capital has increased its managed stake in Australia Pacific Airports Corporation (APAC), owner of Melbourne and Launceston Airports, by 3.5 per cent.
The financial deal for the $157 million stake has been closed, with AMP Capital now controlling 43.5 per cent of APAC on behalf of its funds and clients.
AMP Capital has had a long history investing in the aviation sector, having managed an investment in Melbourne Airport since 1997 and Launceston Airport since 1998. In 2012, AMP Capital acquired a 49 per cent interest in Newcastle International Airport in the UK.
AMP Capital head of infrastructure Australia and New Zealand Paul Foster said the purchase had been funded by a broad range of Australian superannuation fund clients which had a desire to increase exposure to infrastructure assets with proven returns.
"Melbourne Airport is one of the best performing airports in the world and it serves around 29 million domestic and international passengers per annum," he said.
Industry Funds Management (IFM) has also been buying up aviation stakes, increasing its 20.7 per cent stake in APAC to 23.7 per cent last week. It also increased its ownership of NT Airports from 55.6 per cent to 77.4 per cent, while acquiring a 35.5 per cent stake in Manchester Airports Group (M.A.G) earlier this month.
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