AMP Capital boosts managed stake in APAC to 45.3%
It has acquired A$157m.
According to a release, AMP Capital has increased its managed stake in Australia Pacific Airports Corporation (APAC), the owner of Melbourne and Launceston Airports, after exercising its pre-emptive rights on behalf of its funds and clients.
Financial close has been reached on the deal, with AMP Capital acquiring an additional managed stake of A$157 million or 3.5 per cent. AMP Capital now manages 45.3 per cent of APAC on behalf of its funds and clients.
AMP Capital has long-standing experience investing in the aviation sector. In 2012 AMP Capital took a 49 per cent interest in Newcastle International Airport in the UK and it has managed an investment in Melbourne Airport since 1997 when the airport was privatised, and Launceston Airport since 1998.
AMP Capital’s Head of Infrastructure Australia and New Zealand Paul Foster said: “As the largest shareholder we’re really pleased to increase our stake in APAC on behalf of our funds and clients.
“Melbourne Airport is one of the best performing airports in the world and it serves around 29 million domestic and international passengers per annum.
“The additional investment has been funded by a broad range of our Australian superannuation fund clients who had strong appetite to increase their exposure to a high quality core infrastructure asset which has delivered strong returns since inception,” Mr Foster said.