Hobart Airport: Macquarie sells and investors move in

There is currently a lack of existing infrastructure available for investment in Australia, which may explain why investors have been queuing up for the opportunity to take on the majority stake in Tasmania's Hobart Airport, which is being surrendered by Macquarie.

There is plenty of interest, mainly from Australian superannuation funds, with foreign representation limited to Vinci Airports.

The lack of foreign interest, apart from that shown by Vinci, may be explained by the relatively small size of the facility and a cap on foreign investment levels. The airport is subject to a 49% cap on foreign ownership, which may make it difficult for larger offshore buyers, unless they are prepared to take a minority interest alongside a local partner.

Some of those foreign firms that did show interest are operators as well as investors though (as is Vinci), and regulation may be dissuading organisations that would be beneficial to the airport in an operational capacity.