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IFM expands local aviation portfolio
Industry Funds Management (IFM) has increased its portfolio of aviation assets with acquisitions in Australia and New Zealand.
The IFM Australian Infrastructure Fund has exercised its pre-emptive rights to acquire equity stakes in Airport Development Group (NT Airports) and Australia Pacific Airport Corporation (APAC).
The deal increases IFM's ownership of NT Airports from 55.6 per cent to 77.4 per cent including Darwin, Alice Springs and Tenant Creek Airports.
IFM now owns a 23.7 per cent stake in APAC which owns Melbourne Airport and 90 per cent of Launceston Airport, up from 20.7 per cent.
IFM head of infrastructure Kyle Mangini said IFM was pleased with the outcome for investors.
"This is a rare opportunity to increase our ownership interests in proven, quality Australian airports," he said.
IFM finalised the acquisition of a 35.5 per cent stake in Manchester Airports Group (M.A.G.) two weeks ago.
IFM has investments in five Australian airport companies covering nine airports in cities including Perth, Melbourne and Adelaide, in addition to assets in NSW and NT.
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