Macquarie Airport acquires shareholding in Japan Airport Terminal
JAT is listed on the Tokyo Stock Exchange and owns, manages and operates the three passenger terminals at Haneda Airport in Tokyo. Additionally, JAT operates merchandise and food and beverage businesses at Narita and Kansai airports. JAT does not operate runway and airfield infrastructure, which is owned by the Japanese Government.
MAp CEO, Ms Kerrie Mather, said, “The acquisition of this interest in JAT represents a long term strategic investment in a well-managed, high quality business that meets MAp’s investment criteria at an attractive price. Japan is one of the world’s largest aviation markets and JAT owns and operates the terminals at the fourth largest passenger airport in the world”.
“Our objective is to develop a constructive, mutually beneficial relationship with the company over time,” Ms Mather added.
JAT has a number of attractive attributes that meet MAp’s investment criteria, including:
- Dominant market position – handles approximately 60% of Japan’s domestic traffic;
- High quality infrastructure and facilities – recently constructed terminals and fourth runway scheduled for completion in 2010;
- Strong growth potential in the commercial businesses;
The investment has been funded from cash reserves.