April 29, 2019

Ironside to advise on Hobart sale

Ironstone Capital has emerged as advisor to superannuation fund Tasplan over the sale of Hobart Airport.

Tasplan owns a 49.9% stake in the airport.

The remainder is owned by Macquarie Infrastructure and Real Assets (Mira), which is selling its stake through investment bank Credit Suisse.

Hobart Airport handles about 2.5 million passengers annually and has an estimated value of AUD200 million ($140 million).

Tipped as interested in the airport are: Sydney-based investment manager AMP‚ÄąCapital; Queensland government-owned Queensland Investment Corporation (QIC), advised by investment bank UBS; and Sydney-based infrastructure manager Palisade Investment Partners.

QIC already owns an interest in the Brisbane Airport, and AMP Capital owns an interest in a number of airports, both domestically and offshore.

Foreign investors are subject to an ownership ceiling of 49%.

With Tasplan holding a 49.9% stake in the airport, a foreign investor would be required to find a domestic investor to secure at least a small stake.

The sale process for the airport is expected to get started in the second half of this year.