We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. SYDNEY -A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the. The airport also makes a significant contribution to the local and national economies. See here for a complete list of exchanges and delays. Investor Archive of ASX listed Sydney Airport (ASX: SYD) Archived ASX announcements Read our latest ASX announcements here. Master plans include future land uses, noise and environmental impacts. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. IFM Investors is bidding with US infrastructure investment firm Global Infrastructure Partners and domestic superannuation funds AustralianSuper and QSuper. After adjusting the financials to reflect normal operating conditions, we estimate the bid to be at a 15 per cent premium to Sydney Airports pre-pandemic EV/EBITDA [enterprise value/earnings before interest, tax, depreciation and amortisation] multiple, Mr Dudley said. Only a handful of airports globally are still listed on securities exchanges, including Auckland Airport, Frankfurt Airport in Germany and Paris Charles de Gaulle and Orly airports. Sydney Airport had asked institutional investors for time, while the bidders wanted the investors to pressure the board to accept the bid. SCACH Financial Report for the year ended 31 December 2021. He claims small investors are being disenfranchised by big funds that use their money and lobbying power to buy good Australian companies. A successful deal would bring its ownership in line with the country's other major airports which are owned by consortia of infrastructure investors, primarily pension funds. 2020 Sydney Airport Full Year Results Release. Elon Musk was expected to reveal new EVs at Wednesday's Investor Day, but instead, he shared details of a $10 trillion Master Plan 3 to eliminate the use of fossil fuels. The company is Australia's only listed airport operator. Obviously, that was seen as the area that we wanted to do first. Jarden analyst Anderson Chow raised his 12-month target price on the airports stock to $8.50 from $7.60 amid expectations the consortiums revised bid will be successful. The $8.25 per share unsolicited cash offer, made on Friday evening by a consortium of investors that own stakes in other airports IFM Investors, Queensland superannuation fund QSuper and US-based Global Infrastructure Partners (GIP) comes as record low interest rates fuel sales of assets such as Telstras mobile tower network and Sydney toll road WestConnex. 2007 MAp Tax Statement Guide. Theres a lot more value in this asset than the market has been ascribing. "It's opportunistic in that regard, but understandable. We think that it would be hard for an alternate bidder to come forward given the parties involved here are the key players of Australian infrastructure and foreign ownership is limited to 49 per cent.. Master Plan 2039 acknowledges that continued growth of Sydney Airport is crucial to achieving local, state and national employment, tourism and development objectives. Sydney Airport is one of Australia's most important domestic and international gateways - it connects Sydney to more than 90 destinations around the world and handled over 44 million passengers in 2019. Sydney Airport Trust 1 (SAT1) is an Attributed Managed Investment Trust (AMIT) for the purposes of Subdivisions 12A-A of Schedule 1 of the Taxation Administration Act 1953. 2014 Sydney Airport Tax Statement Guide. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. Sydney Airport Limited (ASX:SYD) received a lot of attention from a substantial price movement on the ASX in the over the last few months, increasing to A$7.03 at one point, and dropping to the. View our latest financial statements and Annual Reports here. If youre taking a three-to-five-year view, personally I think you might be better going through some short-term pain for a better long-term outcome, he said. UniSuper has ample liquidity to invest in other assets without having to liquidate current holdings, Mr Pearce said. Our financial results include half year (or interim) and full year results announcements and presentations including Sydney Airport's . They pay higher fees than domestic travellers and also spent more money at airport shops. Ben Clark, TMS Capital portfolio manager. If acquired by the consortium, Sydney Airports ownership would be dominated by IFM, which will hold the asset in both its Australian and global funds, and GIP. With record-low interest rates, funds are looking at infrastructure investments for higher yields. Ben Clark, portfolio manager at TMS Capital, said he had sold half of his position in the airport very recently. Most of Australias airports were privatised in the late 1990s, and Sydney Airport was sold in mid-2002 to Macquarie Airports, which listed the company on the Australian Securities Exchange the same year. We are absolutely disgusted by the boards narrow view of a monopoly (if not oligopoly) business and their absolute failure to consider the long-term position, Mr Robilliard said. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Help using this website - Accessibility statement. 2009 MAp Tax Statement Guide. So it's a matter for the New South Wales Government who are actually building it, as they're the contractors. It is understood IFM Investors, represented by chairman Greg Combet and on behalf of the Sydney Aviation Alliance syndicate, presented Sydney Airport chairman David Gonski with the revised bid over the weekend. There is not a whole lot of choice out there if you trade through public exchanges. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. Details on our contribution this year is available here. Sydney Airports biggest investor, UniSuper, which has a 15 per cent stake, reacted favourably to the takeover proposal, which requires that the superannuation fund keeps its equity holding and not sell for cash. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. Sydney Airports innovative Sustainability Linked Loan (SLL) determines if the companys bank debt facility margins will decrease or increase depending on our sustainability performance over time. Goldman Sachs, Macquarie Capital and Herbert Smith Freehills are working for Sydney Aviation Alliance. Western Sydney International airport has been given its three-letter code by the International Air Transport Association in a show of confidence in the new gateway. . Our Sustainability Strategy has three pillars underpinned by 2021-2024 focus areas and strategic outcomes aligned with SYDs values: To read about our performance in progressing our sustainability strategy, see our annual sustainability reporting. Sydney Airport shareholders were poised on Thursday to approve a A$23.6 billion ($16.8 billion) cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia's only listed airport.. In Sustainalytics opinion, the loan aligns with the Loan Markets Association's Sustainability Linked Loan Principles. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. James Brickwood. They also support the delivery of Sydney Airports strategy, which is underpinned by an aligned culture focused on sustainability. Read more about the transaction here. Sydney Airport Securityholders who held Sydney Airport Securities at the Scheme Record Date (7.00pm (Sydney time) on Wednesday, 16 February 2022), received cash consideration of $8.75 per Sydney Airport Security ("Scheme Consideration"). RBA. Infrastructure assets are attractive to big investment and superannuation funds because they provide stable long-term returns, and often have concessions that allow prices to be increased in line with or above the rate of inflation. Sydney Airport plays a vital role in the transport value chain, bringing together a wide range of parties that jointly facilitate tourism, personal and business travel and logistics. Kroll, the independent expert hired by Sydney Airport to review the deal, said UniSupers reasons for agreeing to keep its stake were open to conjecture but could include the super fund taking a long-term view on value.. Bloomberg, Sydney Airport will move back to a smooth operation with excellent returns for the long-term investor.. Hoxha Propertie investor. hit back at suggestions it exerts excessive influence. Trading volumes of Sydney Airport's shares have soared as some investors sell the company's stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. We know that getting a rail link to the airport is important. In a statement, Sydney Airport . See Section 7.1 of Master Plan 2039 for more information. The Sydney Aviation Alliance - a consortium comprising IFM Investors, QSuper and Global Infrastructure Partners - has offered A$8.25 per Sydney Airport (SYD.AX) share, a 42% premium to the stock's Friday close. Sydney Airport is one of Australias most important domestic and international gateways it connects Sydney to more than 90 destinations around the world and handled over 44 million passengers in 2019. SCACH Financial Report for the half year ended 30 June 2021. If this [asset] disappears, it will be gone, and along with virtually every other airport will be unable to be invested in by retail or institutional investors.. Mr Pinn, who is also a director of the Association of Independently-Owned Financial Professionals, started buying shares in Australias biggest airport more than 20 years ago and has accumulated more than 100,000 shares. We recognise that the world around us is rapidly evolving. The latest price offered by the consortium was pretty attractive over a one- to three-year horizon given uncertainty about when state and national border restrictions would ease and how fast air travel would rebound after the COVID-19 pandemic, Mr Clark said. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Domestic travel has also been disrupted by a two-week lockdown in Sydney during the normally busy school holiday period, after an outbreak of the highly contagious Delta variant of COVID-19. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. On 10 March 2021, the European Unions Sustainable Finance Disclosure Regulations (SFDR) became effective. The purchase, with an enterprise value of A$30 billion including debt, would allow them to reap financial benefits when borders reopen and travel demand rebounds. Importantly, the new offer was high enough to gain approval from Sydney Airports board, which had rebuffed the two earlier offers, and end a two-month deadlock. Archive of ASX listed Sydney Airport (ASX: SYD), Sydney Aviation Alliances acquisition of Sydney Airport. 2021 half year. 2020. resume Sydney-Vancouver flights on December 17. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. In May, Sydney Airport's international traffic was down more than 93% versus the same month of 2019, while domestic traffic was down 39.2%. Krolls valuation assumes that Sydney Airports domestic passenger numbers return to pre-pandemic levels by 2023 and international passenger numbers return by 2024. The proposed takeover received its final regulatory approvals in December after Australias Foreign Investment Review Board said it had no concerns about the sale. Follow the topics, people and companies that matter to you. We believe that by focussing on sustainable growth, we will deliver long-term value for our stakeholders. We need to make sure that there is some diversity, and that the public has access [to assets], he said. Due diligence should be relatively straightforward in this instance given the nature of the company and the pedigree of the consortium in the sector.. Small investors in Sydney Airport say health screening will become a normal part of international travel, and more planning around those processes is needed. 2011 MAp Tax Statement Guide. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. Follow the topics, people and companies that matter to you. How retail investors decide to vote in the scheme meeting will be significant because they account for 93 per cent of the airports 128,567 registered security holders. It has been frustrated with the sporadic state border closures across Australia in 2020 and 2021, because they have disrupted domestic aviation and made it difficult for people to plan holidays. QSuper owns a stake in Britain's Heathrow Airport whereas Global Infrastructure is invested in that country's Gatwick and London City airports. Edwina Pickles, The takeover parties are offering $8.75 per share because they think it is worth more than that. See here for a complete list of exchanges and delays. Share. The board is understood to have granted IFM Investors and its bid partners due diligence, which would start this week. But . More than 7.5 million passengers passed through Sydney, Melbourne and Brisbane in January despite airfares remaining higher for longer. Both IFM, which manages $172 billion of assets globally, and New York-headquartered Global Infrastructure Partners, which is part of the consortium bidding for Sydney Airport, register some of their infrastructure funds in the Cayman Islands. The companys revenue and earnings were hit hard by the COVID-19 pandemic, which has seen Australian all-but close its borders to international travel and states clamp down on domestic travel. The discount to offer price that Sydney Airports shares trade at likely reflects the hurdles the consortium needs to get through. Follow the topics, people and companies that matter to you. The goal of this regulation is to create harmonised rules for financial market participants and financial advisers regarding the integration of sustainability risks in investment decision-making, and the consideration of adverse impacts Evolution in our business context is taking many forms whether it be advancements in the aviation sector, technological disruption, climate change, changing consumption trends and passenger travel patterns, global health crises, changing employee preferences or community expectations. in investment decisions on sustainability factors. Sydney Airport, one of the few remaining airports still listed on a stock exchange anywhere in the world, has been snared by the global M & A boom after a group of big investors pounced on . Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. The gap between the airports current share price and the consortiums offer reflects potential risks to a deal completing, including securing regulatory approvals. The strategy forms an integral part of our broader business strategy and supports the delivery of our purpose: to make Sydney proud every day. See an overview of Sydney Airport including performance highlights. We see the revised offer price as fair, Mr Haralambidis said. It used a discounted cash flow model based on information provided by the airport to calculate its valuation but said there were uncertainties in its underlying assumptions, including the timing of the aviation recovery, the outcome of negotiations with airlines on aeronautical charges in 2022 and 2023, and the airports ability to cut costs. Sydney Airport noted the offer was below its pre-pandemic share price and said it would review the proposal, which is contingent on granting due diligence and recommending it to shareholders in the absence of a superior offer. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. Sydney Airport did not pay a final dividend for 2020 after suffering a $145.6 million annual loss and is not planning to pay an interim dividend. Sydney Airport shares last traded at $8. The airport operator's share price hit a record A$8.86 in January last year, before the novel coronavirus pandemic led to a collapse in travel demand. Within Master Plan 2039, the Airport Development Plan outlines options to improve to the airfield, aviation facilities, terminals and infrastructures to support the forecast increase in passenger numbers and aircraft movements to 2039. Sydney Airports Sustainable Design Guidelines embed sustainability considerations into the ideation, concept, design development, detailed design, delivery and implementation of all building projects at Sydney Airport by setting minimum requirements in key areas of sustainability. As a result of this investment ethos, and in accordance with EUs SFDR, IFM is sharing the relevant environmental and social considerations with our European investors in relation to relevant If the deal completes, it would be the biggest ever cash takeover in Australias history. Analysts also believe the $8.75 per share offer is fair. Some Sydney Airport investors dont want it to be sold off to big funds. Our ambition is to be an industry leader in sustainability. Other states have closed borders to Sydney residents. Sydney Airport, which makes most of its money from international travellers, has struggled during the pandemic and was forced to raise $2 billion of equity in August 2020 at $4.56 per share to strengthen its balance sheet. It also outlines the commercial property opportunities that exist in the landside areas of the airport that are complementary to aviation operations and provide economic growth for the local economy. Follow the topics, people and companies that matter to you. UniSuper also has a favourable view of the consortium partners," the fund said. Family Property investors we do Rent to Rent /Sublet and we are Landlords of properties in Luxury areas in UK and Overseas. 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AustralianSuper is part of the consortium trying to buy Sydney Airport and holds stakes in several other big infrastructure assets, including tollroads managed by Transurban and NSWs Port Botany. The indicative proposal has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price, the airport said. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. Typically issued within 12 . Help using this website - Accessibility statement. Questions about your Securityholdings For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Sydney Aviation Alliance's acquisition of Sydney Airport Sydney Airport is one of Australias most important pieces of infrastructure. Sydney Airports current Master Plan runs through to 2039. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. SYDNEY (Reuters) - A group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of Sydney Airport Holdings Pty Ltd, the operator of Australia's biggest. 2021 half year. Shareholders in Sydney Airport have voted in favour of a takeover bid led by IFM Investors and Global Infrastructure Partners that will see the business delist from the Australian Securities Exchange in a deal worth A$23.6 billion ($16.7 billion; 14.6 billion). IFM has claimed that using locations like the Cayman Islands to manage its assets is a legitimate mechanism for preventing the double taxation of investors and that it has helped the group become a big successful international investor.. Wed hate to lose it because where do you put that money? UniSuper said it saw merit in the airport being converted from a publicly listed company to an unlisted company and that it had a favourable view of the consortium partners. Sep 12, 2021 - 9.35pm. IFM holds stakes in major airports in Melbourne, Brisbane, Perth and Adelaide. UniSuper chief investment officer John Pearce said the superannuation fund was always looking to buy and hold quality assets at a reasonable price.. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. View distribution history, MIT notices, Non resident information and tax tools. 2013 Sydney Airport Tax Statement Guide. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. Ian Robilliard, who owns more than 14,000 shares with his wife, told The Australian Financial Review that while there may be a hiatus of several years in airline travel, he believed screening the health of travellers would eventually become as routine as increased security at airports following the September 11 terror attacks. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. London, England, United Kingdom , Australia Sydney NSW. Our Sustainability Policy sets out our commitment to sustainability and our latest Sustainability Report provides a window into our strategic objectives, initiatives and performance for the year. SYDNEY, July 5 (Reuters) - A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The industry leader for online information for tax, accounting and finance professionals. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Their offer is contingent on UniSuper, Sydney Airport's largest shareholder with a 15% stake, agreeing to reinvest its equity interest for an equivalent equity holding in the consortium's vehicle. 2012 Sydney Airport Tax Statement Guide. In July last year Mr Robilliard wrote to the airport asking the board to reject any takeover bid, after it received an indicative offer priced at $8.25 per share. The board is assessing whether the proposal for a scheme of arrangement reflects the airports underlying value given the length of its concession it lasts until 2097 and the expected short-term impact of the pandemic. Sydney Airport, alongside other leased Federal airports in Australia, is subject to a planning framework in the Airports Act 1996. This is perhaps where a bid offers investors with some valuation uncertainty.. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. Mr Clark said he would be reluctant to sell the airports shares into the current offer. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. Picture taken October 25, 2017. Other investors said they would be disappointed to see Sydney Airport fall into private hands. Barrenjoey, UBS and Allens are advising Sydney Airport. Sydney Airport, one of the few remaining airports still listed on a stock exchange anywhere in the world, has been snared by the global M&A boom after a group of big investors pounced on its pandemic-stricken share price to lob a $22 billion takeover bid. James Brickwood. The deal, occurring via a scheme of arrangement, needs approval from a majority of shareholders by number (and at least 75 per cent by value of shares held) at an investor meeting on February 3. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. It is understood IFM Investors . The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. There is no long-term windfall in this offer for the current shareholders.. rising power of industry superannuation funds. an indicative offer priced at $8.25 per share. 2020. We're co-investors in that. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. JPMorgan forecasts the airports international passenger numbers will still be down 65 per cent in 2022 compared with 2019 and not return to pre-COVID-19 levels until 2024. Sydney Airport Holdings said on Monday it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group in one of Australia's biggest buyouts. That record is set to be eclipsed by Afterpay, which has agreed to a $39 billion all-scrip deal with US payments company Square. Sydney Airports board led by new chairman David Gonski, who replaced Trevor Gerber at the companys annual general meeting in May is still considering the takeover offer and has told shareholders to take no action. GIP also owns stakes in Edinburgh Airport and Londons Gatwick. Sydney property prices, the bellwether of the Australia market, advanced for the first time in 13 months in February in a positive sign for home values that have been under . 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