AUSTRALIA/BELGIUM. Macquarie Bank and infrastructure fund Macquarie Airports (MAp) are poised to grab a 70% stake in the €1 billion Brussels International Airport Company, according to leading financial and business publication Australian Financial Review.
The apparently well-informed report said that MAp will fund its half share in the airport by selling about A$380 million of equity and A$500 million of hybrid debt securities that convert to equity. The airport has total debt of about A$850 million.
Macquarie Bank, which manages MAp, will buy 20% and the Brussels government will retain a 30% shareholding, the report said.
Macquarie Bank officials refused to comment on the transaction but an announcement is understood to be imminent.
Earlier this year, the Belgian government said it would like to halve its 63.56% interest in the airport and other investors also said they wanted to sell. The equity value of the 70% shareholding in Brussels is about A$1.1 billion.
“It is a case of ‘trust them’ at this stage,” commented Robert Patterson, managing director of Argo Investments, one of the biggest shareholders in Map to Australian Financial Review. “They have a plan or they wouldn’t be doing this.”
MAp is the biggest shareholder in Sydney Airport, which was bought in June 2002 for A$5.6 billion and also has extensive interests in Aeroporti di Roma, Bristol and Birmingham airports.
Securities in the Macquarie Bank-backed airport investment fund were placed in a trading halt on Monday pending an announcement. Belgian media reports named Spain’s Ferrovial as the second party interested in the stake.
Belgian Sky Shops is the main duty free and travel retailer at the airport, operating in both Pier A and Pier B. There are also a host of specialist retailers. Here is the full retail offer:
Terminal
Airport Shop: Gifts, jewellery, travel accessories
Candy’s Corner: Candy
Relay: Press and books
Pier A
Belgian Sky Shops:
– Alcohol, tobacco, perfumes, cosmetics, sunglasses, chocolate
– Fashion, leather goods, watches and jewellery, writing materials
– Press & General Store
Bookshop: Books and press
Coronel Tapiocca: Adventure, travel, outdoor and accessories
Delvaux: Leather goods
For Leaders Only: Electronics, CDs and DVDs
Gautam & Associates: Shoes and leather goods
Gautam Shoe Shop: Shoes and leather goods
Gobelins Art: Belgian tapestry, lace
Gourmet’s Corner: Delicatessen
Hermès: Fashion
Kid’s Planet: Toys, gifts and kids’ fashion
Kipling: Luggage and accessories
Leading Interiors: Decoration, art, design and gifts
Sunglass Hut & Watch Station: Sunglasses and watches
The Chocolate Company: Belgian chocolates
Tie Rack: Ties, scarves and fashion
Pier B
Airport Shopping: Jewelry, fashion & watches
Belgian Sky Shops:
– Jewelry, writing materials, perfumes, fashion, cosmetics, sunglasses, watches
– Fashion & leather goods
– Alcohol, tobacco, chocolate
For Leaders: Electronics, CDs
Gautam: Shoes and leather goods
Guatam Shoe Shop: Shoes and leather goods
General Store: Shoes and leather goods
Gobelins Art: Belgian tapestry, lace
Gourmet’s Corner: Delicatessen
Last Minute Shop Alcohol, tobacco, perfumes, chocolate & bestsellers
Photo Kiosk: Photography
Sunglass Hut: Sunglasses and watches
Swarovski: Gifts
The Chocolate Company: Belgian chocolates
The Small Alligators of Switzerland: Toys and gifts
Tie Rack: Ties, scarves and fashion
