Despite the downturnGovt sells stake in Brisbane Airport *...

Despite the downturn


Govt sells stake in Brisbane Airport

*
Advertisement
* Email
* Print
* Normal font
* Large font

October 17, 2008 - 6:54AM
Advertisement

The Queensland government has sold its interest in Brisbane Airport for $289.4 million.

Treasurer Andrew Fraser said the government's 12.4 per cent stake in the airport was being be sold to a number of existing shareholders including Industry Funds Management, Schiphol Australia, entities of Colonial First State Asset Management and UniSuper.

"This shareholding was acquired by the state in 1997 for approximately $75 million and the successful sale nets a fantastic result for Queensland taxpayers," he said in a statement.

"The sale price reflects the high quality of Brisbane Airport, which has been one of the fastest growing airports in Australia."

Mr Fraser said the sale result reflected the willingness of investors to buy quality assets despite the world economic downturn.

Proceeds from the sale of Brisbane Airport and the long-term leases of the Cairns and Mackay airports would go to new and expanded hospitals in Cairns, Mackay and Mt Isa, Mr Fraser said.