Australia`s Macquarie Airports Ltd said it has acquired 884,882 shares and unconditionally agreed to acquire a further 57,509 shares in Kobenhavns Lufthavne A/S…
Australia`s Macquarie Airports Ltd said it has acquired 884,882 shares and unconditionally agreed to acquire a further 57,509 shares in Kobenhavns Lufthavne A/S for a total approximate cost of DKK1,247m/A$282m. The shares represent an 11.3% interest in Kobenhavns Lufthavne A/S.
Kobenhavns Lufthavne A/S is listed on the Copenhagen Stock Exchange and owns 100% of Copenhagen Airport (Denmark), as well as international investments that include 49% of Newcastle Airport (UK), 20% of Hainan Meilan Airport (China) and 8% of ASUR (Mexico).
MAp considers that the acquisition of an interest in Kobenhavns Lufthavne A/S represents an attractive investment on behalf of its security holders.
MAp Chief Executive Officer, Ms Kerrie Mather said, “Through our investment in Kobenhavns Lufthavne A/S, MAp is continuing to increase its participation in the European airport sector. European investments now make up over half of MAp’s portfolio by value.
“Kobenhavns Lufthavne A/S owns 100% of Copenhagen Airport which is one of Europe’s strongest performing and highest quality airport operations.
“Copenhagen Airport has excellent facilities and a track record of strong business performance. It has an international reputation for leading edge airport retailing and service quality for which it has received a number of awards”, Ms Mather said.
Copenhagen Airport has a number of attractive attributes that meet MAp’s investment criteria, including:
- Natural hub for Scandinavia with large regional catchment area
- Surplus capacity for growth
- Highly regarded management team
- Strong commercial businesses
- Transparent regulatory regime
Ms Mather said, “The acquisition of an 11.3% interest in Kobenhavns Lufthavne A/S represents a long term strategic investment that meets MAp’s criteria. MAp has no current plans to increase its interest in Kobenhavns Lufthavne A/S and is not aware of any intention on the part of the Danish Government to sell any of its shareholding.”
The investment has been funded by:
Cash reserves sourced primarily from both the placement of MAp securities and the Security Purchase Plan in November 2004; and A bridge facility of approximately A$160m anticipated to be repaid by a placement following the refreshment of MAp’s placement capacity.
MAp notes there is no change to its preliminary distribution guidance of 17 cents per stapled security for its financial year 2005.
Macquarie Airports already owns significant investments in Sydney, Brussels, Rome, Birmingham and Bristol airports.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
