Gilbert + Tobin acted as the Australian advisers for Hochtief Airport in the establishment of Hochtief Airport Capital (HAC), an airport investment vehicle it has established.
HAC comprises approximately one third of its European airport assets (Athens, Hamburg, Dusseldorf) and 49 per cent of its interest in Sydney’s Kingsford Smith Airport.
Hochtief Airport is a world leader in the development and operation of airports.
The Gilbert + Tobin team, led by partner Rob Simpson, addressed issues relating to the Australian assets, particularly the investment vehicle shareholders agreement and related documents, and the impact of the deal on the contractual structure in relation to Hochtief’s Sydney airport interest.
The primary Australian investor was Australian Infrastructure Fund (AIF), which is managed by Hastings Funds Management Limited (a subsidiary of Westpac Corporation and one of Australia’s largest infrastructure asset managers).
AIF paid around $200 million for its 40 per cent share, The value of the total transaction was approximately $500 million.
Utilities Trust of Australia, an unlisted infrastructure fund managed by Hastings, purchased a 10 per cent interest.
Management of the airport investments remains with Hochtief. The two Australian funds have joined a Canadian and German financial institution in this investment partnership, which provides a vehicle for investment in other international airports.
Gilbert + Tobin originally acted for Hochtief in the acquisition of its Sydney airport interest in 2002.