SPECIAL REPORT: SUSTAINABILITY
Image courtesy of Gatwick Airport.
fi ve years ago, although it has more recently taken up more management contracts within France itself. Abertis Infraestructuras, the Spanish conglomerate that operates
motorway toll roads and telecommunications infrastructure might be tempted to sell off its non-core airports division (which accounts for only 6% of revenues) as a result of a potential buy out involving one of the world’s leading private equity fi rms. It has invested heavily in airports in Europe and the Americas; 31 in
nine countries. Similarly MAp Airports (previously Macquarie Airports) has reduced its airport ownership to a core of Sydney, Brussels and Copenhagen airports, having divested interests in Aeroporti di Roma, Birmingham and Bristol (both UK) airports and Japan Air Terminal. As this article is written, it is disposing of a minority holding in Mexican airport operator ASUR – at a loss – because it “was unable to bring its active management model to bear”, a frequently heard complaint, and not only from MAp. Some of the earlier investors do keep hanging on in there. Notable
amongst them is New Zealand’s Infratil, which was one of the world’s fi rst infrastructure funds and which entered into airport investment in 1998 at
Wellington, followed by Glasgow Prestwick (UK), Manston (UK) and Lübeck (Germany) airports. It exited Lübeck in 2009 after the airport failed to reach its targets (is
that something we will see more of?) but has persevered at the two British airports, despite many setbacks. Infratil has always said it is in airport management “for the long-haul” and that resolve has been sorely tested. In fact, you get the feeling that just as the ravens leaving the Tower of London is supposed to signify the fall of the Kingdom, Infratil quitting the airport business would somehow signify the end of that enterprise entirely. Earlier, I mentioned Indian infrastructure companies. The subcontinent
is one part of the world where such companies are still at the forefront of airport investment and ownership, and their numbers are growing. A recently published management report* identifi es almost 300 current
or aspiring investors globally in the airports business – it seems never to lose its attraction even if the number of deals going through presently is less than at any time in the last 15 years. India alone hosts 21 of these companies. Most of them describe themselves as ‘infrastructure companies’ although they also include real estate concerns, construction fi rms, private equity and venture capital funds.
AIRPORT WORLD/AUGUST-SEPTEMBER 2010 27
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