Peter
A year later, how’s it going at Hobart International Airport?
What percentage of the $350 million sale price was RBF’s stake? And how good an investment has it been for the Retirement Benefits Fund?
The independent valuation commissioned by the Greens says the airport’s 2007 turnover was $17.8 million, with EBITDA of $11.3 million. That doesn’t seem sufficient to service the inflated price paid for the airport.
Jetstar’s has now withdrawn most staff from Hobart and requires reduced facilities; the aircraft that was stationed here overnight has also been transferred to the mainland.
Do the new owners intend paying their mortgage by simply increasing parking charges?
Brand Tasmania
http://www.brandtasmania.com/newsletter.php?ACT=story&issue=79&story=5
February, 2008| Issue 79
Airport sale nets $300m.
The Tasmanian Government has sold Hobart International Airport for $350.5 million, to a consortium consisting of Macquarie Capital Group Ltd, Macquarie Global Infrastructure Fund III and Tasmania’s Retirement Benefits Fund. The airport was the last in Australia to remain under the ownership of a State Government and its sale was foreshadowed in the 2006-07 State Budget. The Premier, Paul Lennon, said: “The Government will invest the sale proceeds [net $300m.] in infrastructure projects critical to our State’s continued progress. The projects will include hospital infrastructure, including the Royal Hobart Hospital, the new Brighton Transport Hub and agricultural water storage and irrigation.”
Mr Lennon said the new owners planned to continue to invest in the airport to support traffic growth and had advised the Government they intended to retain all existing airport employment. The airport is located on a 570-hectare site at Cambridge and caters for 1.6 million passengers a year on around 12,000 flights. Tiger Airways began its first flights in and out of the airport on 15 January.
