Macquarie-managed fund looking to offload airport assets

North Queensland Airports Group own Cairns Airport. Picture: iStock

Cairns Airport owner, the North Queensland Airports Group, could be the next airport asset up for sale with suggestions The Infrastructure Fund, managed by Macquarie Group, could soon be a seller.

TIF owns 27 per cent of the asset and the drawcard for foreign investors is there are no government restrictions for them taking ownership.

North Queensland Airports comprises Cairns Airport, Mackay Airport and Mackay Airport Hotel.

A JPMorgan Asset Management-controlled fund owns 66 per cent, while the other owner is Perron with 7 per cent.

In 2018, Auckland International Airport offloaded its 24.6 per cent stake to Perron and The Infrastructure Fund for $370m.

Cairns Airport describes itself as one of Australia’s leading regional airports, providing air links to a variety of regional, domestic and international destinations.

For the year to June, Cairns Airport had just over four million passengers. But, the airport says before the pandemic it had more than five million passengers per year.

TIF is downsizing its exposure to airport assets, and is looking to offload a 7.19 per cent stake in Perth Airport.

A sale process for Queensland Airports Limited is also expected to get underway, as up to 74 per cent of the asset is set to be on offer through Barrenjoey.

TIF is also a holder of shares in that asset (35.77 per cent), along with Perron Investments (24.6 per cent), Australian Retirement Trust (16.89 per cent), Allan Moss (0.82 per cent), Queensland Airport Investments (4.24 per cent), Project Cricket State Super Unit Trust (17.35 per cent), and Lipno Holdings (0.31 per cent).

Queensland Airports owns regional airports including ones at Gold Coast, Townsville, Mount Isa and Longreach.

For the year to June, it generated $169m in revenue and a $32m net profit with 7 million total passengers.