Billionaire puts more money into airports after successful investment in Gold Coast Airport

THE billionaire investor behind a $370 million deal to buy the Cairns and Mackay airports is also a major shareholder in the swiftly-growing Gold Coast Airport. Here’s why this 95-year-old is putting his money in airports.

First Tigerair plane direct from Gold Coast to Hobart comes into land at Hobart Airport. Picture: SAM ROSEWARNE.

THE billionaire investor behind a $370 million deal to buy a quarter share of North Queensland Airports is also a major shareholder in the swiftly-growing Gold Coast Airport.

West Australian businessman Stan Perron had five per cent of the company which owns Cairns and Mackay airports, and 25 per cent of Queensland Airports Ltd, which operates the Gold Coast, Townsville, Mount Isa and Longreach airports.

The 95-year-old is buying up Auckland International Airport’s 24.6 per cent stake in NQA, upping his stake in the wake of soaring growth in the sector.

Gold Coast Airport has a major redevelopment program, including a Rydges Airport Hotel. Photo: Supplied

QAL CEO Chris Mills said the Auckland-North Queensland deal underscored the value of airport assets, in particular Gold Coast Airport, which had increased passenger numbers from one million 17 years ago to 6.6 million last year.

“As far as infrastructure assets go, it doesn’t get much better than airport assets,” he said.

“They’re tightly held and highly sought after — the long-term, steady growth of airports make them attractive.”

Queensland Airports Limited CEO Chris Mills. Picture: Glenn Hampson

The Infrastructure Fund is a key stakeholder in both airport companies, holding a 40 per cent stake in QAL and about 20 per cent in NQA.

Sunsuper and State Super hold 17 per cent each of Gold Coast Airport’s parent company, while the remaining one per cent is held by minority shareholders including Macquarie Group co-founder Allan Moss and his former colleague Richard Sheppard, who is current chairman of Dexus Funds Management Ltd and a director of Star Entertainment Group.

SUBSCRIBE TO THE GOLD COAST BULLETIN

Jean and Stan Perron.

Mr Mills said made sense for Auckland International Airport to offload its stake in the Aussie airports so it could invest the capital in its own assets.

He said the NQ sale was unlikely to impact the ownership of QAL as there was little motivation for the current owners to sell.

“Given Perron and TIF were existing shareholders in NQA and they’ve snapped up Auckland Airport’s share, clearly they didn’t want to let anyone else in,” he said.

“Auckland International Airport’s reasons for selling were very specific to their business.”

Mr Perron is also the major stakeholder in Pacific View, a 342ha slab of Worongary that will become the city’s biggest estate, and he owns a $160 million 50 per cent stake of ­Runaway Bay Shopping Village.