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International airport deal gets lift off

International airport deal gets lift off

Nigel.Deed

Three international firms have advised on the acquisition of the Port Hedland International Airport.

Firms: Norton Rose Fulbright (a consortium comprised of funds managed by AMP Capital and Infrastructure Capital Group); King & Wood Mallesons (AMP and ICG’s financiers); Herbert Smith Freehills (Town of Port Hedland)

Deal: The AMP and ICG consortium acquired a 100 per cent interest in the Port Hedland International Airport from the Town of Port Hedland.

Value: $205 million

Area: M&A

Key players: A Sydney-based corporate team from NRF, led by partner Nigel Deed (pictured), was assisted by Anita Choi, Raymond Lou, and Claudia Yasukawa. Andrea Rezos and Charmian Barton managed the property aspects of the transaction from the Perth office, while Chris Redden, assisted by Jenida Satem and Celia Boyle, managed the debt financing on behalf of the consortium from Sydney. Brisbane partner Tom Young advised on aviation regulatory and operational matters and Adrian Ahern handled the equity structuring for the consortium.

Deal significance: According to a release by NRF, the transaction documents, signed on 15 September, included an agreement to enter into a 50-year long-term lease, pursuant to which the AMP and ICG consortium will acquire a 100 per cent interest in the Port Hedland International Airport from the Town of Port Hedland.

The airport is located between the towns of Port Hedland and South Hedland. Both general passenger and freight flights operate to and from the airport.

Mr Deed said: “The successful privatisation by way of long-term lease of a significant regional airport reflects the continued strong interest in brownfields infrastructure assets from the Australian investment community and demonstrates the adaptability of the long-term lease style privatisation across all levels of government."

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International airport deal gets lift off
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