11 Nov 2009

Infratil sells Auckland airport stake

7:20 am on 11 November 2009

Infratil has sold its stake of almost 4% in Auckland International Airport.

The infrastructure investor sold its 47.4 million shares at $1.84 each, making $87.25 million.

Infratil will make a $6 million profit on its books, but paid nearly $142 million for the stake and wrote the investment down to $81 million in the last financial year.

Infratil director Tim Brown says the sale is part of the company's plan to sell underperforming assets, and use the money raised to put into more profitable ventures.

Mr Brown says Infratil has sold more than $215 million worth of assets and raised over $98 million in new capital to put into more profitable ventures.

Infratil and the New Zealand Superannuation Fund are in exclusive talks with Shell to buy the energy company's downstream assets, which include its 229 petrol stations, and holdings in the New Zealand Refinery and Flybuys.

Infratil recently sold its 90% stake in Luebeck Airport for $64 million.

Infratil fell 7 cents to $1.53 at the close of Tuesday trading in New Zealand, while Auckland International Airport itself fell 6 cents to $1.87.