KKR Consortium Takes Majority Stake in Queensland Airport Operator

By Mike Cherney

SYDNEY--A consortium including U.S. investment firm KKR is taking a majority stake in a regional airport operator in Queensland, as the aviation industry continues its post-pandemic recovery.

The consortium, including KKR and the Skip Essential Infrastructure Fund, is acquiring the combined 74.25% interest in Queensland Airports Ltd. from a shareholder group that includes an infrastructure fund managed by Macquarie Asset Management and two Australian retirement funds, State Super and Australian Retirement Trust.

The sale price wasn't disclosed in a press release from the shareholder group announcing the deal.

Queensland Airports' portfolio comprises airports in Gold Coast, Townsville, Mount Isa and Longreach. The portfolio services travelers across more than 40 domestic and international routes, with nearly 66,700 annual aircraft movements.

The shareholder group said it has made significant investments to upgrade and expand the capacity and customer experience at the airports, which "contributed to a competitive process and strong outcome for their investors."

"This transaction captures the value we have created for our members, and is an outstanding outcome for our funds," State Super CEO John Livanas

Gold Coast, along the coast in southern Queensland, is a popular tourist destination. Mining is a big industry around Mount Isa, in the interior, and there is a key port and military facilities around Townsville in the northeast.

Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

September 25, 2024 21:01 ET (01:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.