AUSTRALIA/BELGIUM. Macquarie Airports (MAp) has confirmed that a consortium led by MAp, and including other unlisted Macquarie Group-managed infrastructure funds and Macquarie Bank Limited (MAp Consortium), has been selected as the successful bidder for the acquisition of a 70% interest in Brussels International Airport Company (BIAC).
Completion of the acquisition from the Belgian state and a number of other BIAC shareholders is anticipated to occur around year end, and is subject to customary regulatory approvals.
Under the terms of the transaction, the Belgian state retains a 30% stake in the airport.
The 70% equity interest has been acquired for €735 million, giving a total (100%) Enterprise Value (equity plus forecast net debt as at 31 December 2004) at acquisition of €1,635 million.
MAp CEO Kerrie Mather commented: “The MAp Consortium is looking forward to working with the Belgian authorities to add value to BIAC’s business and develop the long term position of the airport as a major player in Europe’s aviation market.
“As part of the Consortium, MAp will acquire a 52.0% beneficial interest in Brussels Airport, which is a highly attractive investment opportunity.
“Brussels Airport is a high quality asset with excellent facilities serving more than 15 million passengers per annum. The airport has the infrastructure necessary for developing its commercial business and real estate, and for meeting future demand for passenger numbers growth. It is located in the capital of Europe, 12 km from the city centre. Significantly, BIAC has the right to operate the airport for an indefinite period.”
Mather added: “Brussels Airport is performing strongly. For the 12 months to 30 September 2004 Brussels Airport handled 15.5 million passengers, an increase of +3.0% over the previous corresponding period. EBITDA for the 12 months to 30 September 2004 was €133.0 million, an increase of +22.6%, based on management accounts.
“Following completion of the acquisition, MAp will hold significant investments in three major capital city airports: Brussels, Sydney and Rome; as well as investments in Bristol and Birmingham Airports in the UK. MAp is the second-largest airport owner and manager in the world. Following the acquisition of Brussels Airport, MAp’s airports will provide services to more than 85 million passengers per annum. MAp’s experienced management team will work closely with Brussels Airport to create further value in the business.”
The MAp Consortium has invested total equity of €703 million (A$1.21 billion) to acquire the 70% interest, together with an equity bridge of €62 million to be repaid from a refinance of BIAC’s existing debt facilities after the completion of the acquisition.
The proceeds from the bridge facility form part of the consideration paid to the vendors for the acquisition.
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
MORE STORIES ON MACQUARIE
Macquarie set for Brussels airport ownership? – 08/11/04
Macquarie posts traffic growth at three airports; Duo Airways collapse slows Birmingham – 20/08/04
Retail shines as Macquarie Airports posts strong results at Sydney Airport – 20/07/04
