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Sydney’s Bankstown and Camden airports will be put up for sale as current leaseholder BAC Holdco steps out of the general aviation market.
The two airports were privatised in 2003 and are held under a long term lease from the Commonwealth government with 85 years remaining.
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BAC, which represents a number of institutional investors, purchased the lease on the two airports for $211 million as part of a package that also included now defunct Hoxton Park. The company is likely to seek a substantial profit on the sale.
Bankstown Airport has emerged as a significant commercial property development, deriving income from more than 170 aviation, retail, commercial and industrial tenants. It also hosts over 240,000 aircraft movements annually.
Camden serves as a recreational aviation hub for gliding, ballooning and light aircraft.
Officials at both airports said operations would not be impacted by the sale. BAC Holdco said it would offer the airports as a package and has appointed Grant Samuel Corporate Finance as its financial advisor.
CARP
says:Since 2003, costs have skyrocketed, private owners have left in droves and businesses have closed. Bankstown Airport has been in the throes of a long, slow death since it was privatised. Let’s hope that the next owner/s actually have a vested interest in Aviation.