A consortium consisting of Australian-based asset manager, QIC, and Dutch-based airport operator, Royal Schiphol Group (the Consortium), have acquired a 70% equity interest in Hobart International Airport (HIA).
Mr Ross Israel, Head of Global Infrastructure, QIC, said: “HIA is a high-quality, core infrastructure asset and one of Australia’s fastest-growing airports, with Tasmania registering more than 10% annual growth in international visitors in the last five years.
There is further visitor growth to come following the recent runway extension, with significant value to be unlocked from additional development of the airport’s non-aeronautical business, which includes retail, food and beverage, ground transport and property development.
We look forward to working with our partners, Royal Schiphol Group and Tasplan Super, as well as other airport stakeholders including the Tasmanian and Commonwealth Governments, airlines, customers, local councils, tourism bodies, and neighbouring communities to maintain, invest and sustainably grow HIA into the future.”
As Tasmania’s gateway airport, HIA is a strategic and critical infrastructure asset with an attractive long-term lease and growth profile driven by the State’s position as a premium tourism destination with diverse and innovative natural, cultural and artistic offerings.
The transaction builds on the longstanding relationship QIC and Royal Schiphol Group have had at Brisbane Airport and provides the opportunity to leverage the significant transport infrastructure experience of both parties for the benefit of HIA and its users.
Mr Israel said: “The addition of an investment in HIA brings further diversification benefits for our investors in the QIC Global Infrastructure Fund. As a majority stake in an Australian capital city airport with a long-term lease, it is a rare opportunity. It also aligns with QIC’s strategy of leveraging our active asset management capabilities to build long-term value and deliver outcomes for our investors and importantly, the underlying users of core essential infrastructure.”
Dick Benschop, CEO of the Royal Schiphol Group stated, “We are delighted to be successful in this bid and welcome Hobart International Airport to our Airport Group. This acquisition of one of Australia’s fastest growing airports fits well with our international strategy and ambition and allows us to leverage our knowledge and 100 years of experience in developing and operating airports to the benefit of our customers. Royal Schiphol Group will be an active partner in the development of the airport, bringing in our knowledge and expertise on operations, innovation and commercial aspects where required.”
About HIA
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QIC is a leading long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$80 billion (US$56 billion) in funds under management1. QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com.
1As at 30 June 2019
QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 12-year track record. With a global team of over 40 professionals, QIC Global Infrastructure manages A$12.3 billion across 14 global direct investments and has realised a further A$7.2 billion of investments for its clients2. Its sector centric investment strategy deconstructs risk across sector value chains identifying relative value for investment. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients.
2 Data as at 30 June 2019 and includes QIC’s investment in Brussels Airport which is expected to reach financial close in Q4 2019.
Royal Schiphol Group is a highly experienced airport owner and operator of both large-scale international and smaller regional airports with over €7.3 billion of assets. Through sharing its extensive operating experience, innovation and broad knowledge of the sector, Royal Schiphol Group adds value to the assets in its global portfolio.
For further information, please contact:
Stuart Barton
Bluechip Communication
T: +61 2 9018 8635/ +61 449 533 085
E: stuart@bluechipcommunication.com.au
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC Private Capital Pty Ltd (“QPC”), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC’s subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission.
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