October 1, 2019 / 7:24 AM / 13 days ago

Macquarie to sell Hobart Airport stake to QIC, Royal Schiphol

FILE PHOTO: The logo of Australia's biggest investment bank Macquarie Group Ltd adorns the main entrance to their Sydney office headquarters in Australia, October 28, 2016. REUTERS/David Gray/File Photo

(Reuters) - Macquarie Group (MQG.AX) said a consortium of Queensland Investment Corporation and Royal Schiphol Group [LUCHT.UL] agreed to acquire a 70% stake in Hobart International Airport from the firm’s asset management unit and Tasplan Super.

The consortium consisting of the state-owned investment firm QIC and the Dutch-based airport operator will buy a 50.1% stake in Hobart held by Macquarie Infrastructure and Real Assets (MIRA) and 19.9% stake from superannuation fund Tasplan Super.

Macquarie did not disclose the financial terms of the deal in its statement on Tuesday.

MIRA and Tasplan Super acquired their initial stake in the airport, located in the Australian island-state of Tasmania, in 2007. Tasplan will retain a 30% stake in Hobart.

Hobart is a “strategic and critical infrastructure asset with an attractive long-term lease and growth profile”, Ross Israel, Head of Global Infrastructure, QIC, said in a separate statement.

The sale is expected to be completed by the end of October.

(This story has been refiled to correct typo in fourth paragraph)

Reporting by Shreya Mariam Job and Niyati Shetty in Bengaluru, editing by Louise Heavens

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