Queensland Airports enters ‘new chapter’ with Skip and KKR majority stake investment

AUSTRALIA. Queensland Airports Limited (QAL) has welcomed global investment firm KKR and the Skip Essential Infrastructure Fund as new majority shareholders following their acquisition of a 74.25% stake in the company.

The deal finalises the agreement to purchase the interest from Macquarie Asset Management’s Infrastructure Fund, State Super and Australian Retirement Trust, announced in September last year.

Queensland Airports’ portfolio includes Gold Coast, Townsville, Mount Isa and Longreach airports, which together serve over 8.2 million passengers annually across more than 35 domestic and international routes.

QAL Chair Ann Sherry said, “We thank The Infrastructure Fund, State Super and Australian Retirement Trust for their investment in QAL, which has helped transform our airports through significant upgrades, including the expansion of Gold Coast Airport’s terminal, Townsville Airport’s redevelopment and Mount Isa Airport’s security upgrades.

“With KKR and Skip Capital onboard, we are well positioned to continue strengthening our position as a key driver of economic and social growth for Queensland and northern New South Wales.”

The ownership transition has introduced new governance leadership to Queensland Airports, with four new board appointments joining Perron Group Director Alan Mulgrew. These include KKR Managing Director, Asia Pacific Infrastructure Andrew Jennings and Director, Asia Pacific Infrastructure Lu Yan Li.

Skip Capital’s interests will be represented by Shane Guyot and Sebastian Tringali from its Infrastructure and Real Assets team, while Abigail Cleland has joined as an independent Non-Executive Director.

QAL CEO Amelia Evans said, “We look forward to working with our new shareholders to progress our long-term strategy, further elevating our airport group as a significant economic contributor and delivering on our purpose to connect people, places and communities.”

KKR Managing Director & Head of Australia and New Zealand (ANZ) Infrastructure Andrew Jennings added: “Our investment in Queensland Airports is a unique opportunity to acquire a high-quality asset that provides critical services in a resilient market with strong macro tailwinds. Queensland Airports plays an important role in connecting Queensland communities to the rest of Australia and beyond.

“We look forward to collaborating with the Skip Essential Infrastructure Fund, Perron Group and the management team to drive growth initiatives to better serve passengers from Australia and abroad.”

Skip Capital CEO and Founder Kim Jackson commented: “The Skip Essential Infrastructure Fund is proud to back the Gold Coast, Townsville, Longreach and Mount Isa airports. Alongside delivering critical transport into one of Australia’s highest growth corridors of the Gold Coast, we are excited about our plans for the airport’s offering for residents and tourists, and to drive energy innovation across the group.”

The ownership transition builds on QAL’s key infrastructure investments, with Gold Coast Airport completing a A$500 million (US$315 million) expansion and improvement programme. Key initiatives include the completion of the southern terminal expansion in 2022, which doubled its footprint, as well as the addition of retail outlets, six new gates, upgraded border control facilities and four aerobridges.

The Gold Coast Airport Master Plan, currently in the approval phase, will add a retail village, health and wellness hub, and conference and tech centre.

The group also posted record passenger traffic at Townsville Airport following terminal upgrades and its approved 2023 Master Plan.