Acquisition of Sydney Airport Complete | IFM Investors (2024)

The Sydney Aviation Alliance (“SAA”) is pleased to announce that it has completed the acquisition of Sydney Airport (ASX:SYD) at an enterprise value of approximately A$32 billion.

SAA is an Australian-led consortium comprising the IFM Australian Infrastructure Fund, the IFM Global Infrastructure Fund, Australian Retirement Trust, AustralianSuper and Global Infrastructure Partners. From completion, SAA also includes UniSuper (who elected to roll its existing investment in Sydney Airport).

IFM Investors Chief Executive and SAA spokesperson David Neal said, “We are delighted to be investing in Sydney Airport on behalf of millions of Australians. Sydney Airport is a world-class infrastructure asset that plays an integral role in connecting Sydney and New South Wales with Australia and the world. SAA looks forward to working closely with all stakeholders – including airlines, government and the community – to support the strong recovery of the global aviation industry.”

Sydney Airport is Australia’s most important domestic and international gateway – it connects Sydney to more than 90 destinations around the world and handled over 44 million passengers in 2019. The airport also makes a significant contribution to the local and national economies.

Under SAA ownership, SAA believes that Sydney Airport will benefit from SAA’s access to long-term capital and industry expertise and will continue to be operated for the long-term benefit of local communities, passengers, airline customers, employees and the broader economy.

Sydney Airport will continue to be majority Australian owned, with millions of working Australians invested in Sydney Airport through their superannuation.

Contacts for further information

Andrew Butcher
Bespoke Approach
M: +61 400 841 088
E:abutcher@bespokeapproach.com

Ben Mitchell
Bespoke Approach
M: +61 419 850 212
E:bmitchell@bespokeapproach.com

About the Consortium

The Sydney Aviation Alliance includes some of the world’s largest infrastructure and airport investors, and comprises:

• AustralianSuperis Australia’s largest superannuation fund, managing more than A$260 billion of members’ retirement savings on behalf of more than 2.6 million Australians. One in 10 working Australians is a member of AustralianSuper. AustralianSuper has over A$30 billion invested in infrastructure globally, including interests in Australian infrastructure assets such as NSW Ports, Ausgrid, WestConnex, Transurban Queensland and Perth Airport.

• IFM Australian Infrastructure Fund (“AIF”)is an open-ended Australian infrastructure investment fund managed by IFM Investors, an investor-owned Australian investment manager. AIF has more than A$13 billion in funds under management (as at 31 December 2021), and is an Australian domiciled investment fund with investors predominantly comprised of Australian industry superannuation funds, which, in turn, manage retirement savings on behalf of millions of Australians. AIF has a 26-year track record of investing in nationally-critical Australian infrastructure with a current portfolio spanning investments in an electricity distribution asset (Ausgrid), airports (including Melbourne, Brisbane, Adelaide and Darwin airports), seaports (NSW Ports and the Port of Brisbane), a toll road and social infrastructure.

• Australian Retirement Trust (“ART”)(formerly QSuper) is one of Australia’s largest profit for members superannuation fund that has more than A$20 billion invested in global infrastructure assets. This includes investments in airports including Heathrow, Edinburgh, Bristol and Brisbane airports as well as other Australian infrastructure assets such as the Port of Brisbane, NSW Ports, AusNet and Amplitel. ART is based in Brisbane and Sydney, with two million fund members and has over A$200 billion in assets under administration. ART was formed through the merger of QSuper and Sunsuper, which became effective on 28 February 2022.

• IFM Global Infrastructure Fund (“GIF”)is an independently managed open-ended global infrastructure investment fund with more than A$56 billion in funds under management (as at 31 December 2021). GIF’s investors include a diverse range of pension funds and institutional investors across Australia, the US, Canada, Asia, the UK and Europe. GIF has a 17-year track record investing in assets around the world with 20 current portfolio investments spanning airports, seaports and toll roads, as well as energy, water and telecommunication assets. GIF’s airport experience includes investments in Manchester Airports Group (Manchester, London Stansted and East Midlands airports) and Flughafen Wien Group (Vienna, Malta and Košice airports).

• Global Infrastructure Partnersis an independent infrastructure fund manager that specialises in infrastructure investments in the energy, transport and water/waste sectors in OECD countries and select emerging market countries. Global Infrastructure Partners currently manages approximately US$77 billion for its investors and has extensive transportation infrastructure and airport ownership and operational experience including Gatwick, Edinburgh, London City (exited 2016) and Paine Field airports. Global Infrastructure Partners has a lengthy history of successful ownership and custodianship of Australian infrastructure assets including investments in the Port of Melbourne, Pacific National, the QCLNG Common Facilities, GLNG Infrastructure and the Port of Brisbane (exited 2013). Global Infrastructure Partners’ portfolio companies have combined annual revenues of approximately US$41 billion and approximately 58,000 employees.