Macquarie has sold its 50.1% stake in Hobart Airport with the help of King & Wood Mallesons (KWM).
The financial giant’s has struck a deal with consortium formed by Queensland Investment Corporation and Royal Schiphol Group, which is acquiring the stake particularly from the Global Infrastructure Fund III (GIF III) of Macquarie Infrastructure and Real Assets (MIRA).
The consortium is also acquiring a 19.9% stake in the airport from Tasplan Super. The transaction, which will reduce Tasplan’s stake in the airport to 30%, is expected to close by the end of the month. Financial details of the acquisition have not been disclosed.
KWM said that it fielded a cross-practice team to act on the deal. The team was headed by partner Henrick Moritz, who said that Macquarie has been a longstanding client of the firm and that the sale is a significant result for investors in MIRA’s GIF III fund.
“It is rare for a stake in an Australian airport to be offered to the market, and we are very pleased to have had the opportunity to support GIF III on this divestment after a successful 12 years as majority shareholder,” he said.
The KWM team also included senior associate Shabarika Ajitkumar and solicitor Georgia Feltis.
Partners Mark Upfold and Rebecca Finkelstein, as well as special counsel Gareth Howe, also provided expert infrastructure advice.