UK stakeholder quits Perth Airport

Perth Airport operator Westralia Airports Corporation has brushed off an announcement by UK-based BAA Plc that it would sell its 15 per cent stake in the company, saying it would be "business as usual" at the airport.

BAA has also exited a 20 per cent stake in Australia Pacific Airports Corporation, the operator of Melbourne and Launceston Airports.

BAA, formerly the British Airport Authority, was purchased in June this year by a consortium led by Spanish transport andinfrastructure conglomerate Ferrovial, in partnership with Canadian and Singaporean investors.

Perth Airport executive chair David Crawford said that BAA's decision was not a surprise.

"Like any well managed company, we have contingency plans for such decisions. The shareholders agreement contains pre-emptive rights, thus the remaining shareholders will determine the future ownership structure of WAC," he said.

"I can assure you that WAC will remain in good shape and will continue to look to the future, building on already successful achievements, with Perth Airport serving the interests of the Western Australian community and domestic and international travellers alike."

Westralia, a wholly owned subsidiary of Airstralia Development Group, has 75 per cent of its stock administered by trusts linked with Melbourne's Hastings Fund Management Ltd, a specialist Australian infrastructure and investment company.

In other BAA Plc news, German construction group and majority Leighton Holdings shareholder Hochtief will lead a consortium to buy a majority stake in Hungary's Budapest airport from BAA Plc, which has been taken over by Spain's Ferrovial.

The full text of a Perth Airport announcement is pasted below

Business as usual for Perth Airport as BAA announce sale

Westralia Airports Corporation the operator of Perth Airport today declared "business as usual" following the decision by 15% owner BAA to sell off its overseas airport assets, including its Australian share holdings.

BAA, formerly the British Airport Authority, was purchased in June this year by a consortium led by Spanish transport and infrastructure conglomerate Ferrovial, in partnership with Canadian and Singaporean investors.

The company announced this morning that it would be selling all its international airport interests, of which its Australian investments include minority interests in Perth, Melbourne, Launceston, Darwin, Alice Springs and Tennant Creek Airports. The sale of these interests mean the company can focus on its UK airports.

Westralia Airports Corporation is a wholly owned subsidiary of Airstralia Development Group (ADG).

Airstralia Development Group's current shareholders are:
- Utilities Trust of Australia (UTA) 32.01%
- Australian Infrastructure Fund (AIF) 24.88%
- Perth Airport Property Fund (PAPF) 14.50%
- Westscheme Pty Ltd (WS) 5%
- Officers Superannuation Fund (OSF) 3.17%
- Colonial First State Private Capital Limited (CFS) 1.87%
- Queensland Infrastructure Trust (QIF) 3.57% and
- BAA 15%

Hastings Fund Management administers UTA, PAPF, AIF and QIF, which have a total equity interest of 75%. Hastings Funds Management Limited is a specialist Australian infrastructure and investment company.

David Crawford, Perth Airport Executive Chairman said that this decision was not a surprise and that business at Perth Airport would continue to operate as normal.

"Like any well managed company, we have contingency plans for such decisions. The shareholders agreement contains pre-emptive rights, thus the remaining shareholders will determine the future ownership structure of WAC," Mr Crawford said.

"I can assure you that WAC will remain in good shape and will continue to look to the future, building on already successful achievements, with Perth Airport serving the interests of the Western Australian community and domestic and international travellers alike."