Ruth Haines
Sydney Airport Corporation Limited (SACL) is a company that was incorporated on 28 May 1998 and began operations on 1 July 1998 as the long-term lessee of Sydney Airports. It was formed by the Australian Federal Government and is the corporate entity and sole leaseholder for Sydney (Kingsford Smith) Airport. In 2002, Macquarie Bank won the bid for a 99-year lease on the airport for A$5.6 billion. In 2013, Sydney Airport Holdings took a 100% stake in Sydney Airport. In 2021, Sydney Aviation Alliance (SAA) acquired Sydney Airport Holdings, which was delisted from the Australian Stock Exchange in March 2022.
| Characteristics | Values |
|---|---|
| Company Name | Sydney Airport Corporation Limited (SACL) |
| Location | Mascot, New South Wales, Australia |
| Industry | Support Activities for Air Transportation, Support Activities for Transportation, Transportation and Warehousing, Airports, flying fields, and services, Holding companies |
| Number of Employees | 292 |
| Sales | $1.11 billion |
| Number of Companies in Corporate Family | 7 |
| Key Principal | ABIGAIL PIP CLELAND |
| Previous Owner | Sydney Airport Holdings |
| Previous Owner's Stake | 100% |
| Previous Owner's Acquisition Date | 2002 |
| Current Owner | Sydney Aviation Alliance (SAA) |
| Current Owner's Acquisition Date | March 2022 |
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What You'll Learn
Sydney Airport Holdings
SACL was formed by the Australian Federal Government as the sole leaseholder for Sydney (Kingsford Smith) Airport. It owns the airport operator for Sydney Airport Limited. While the airports are privately controlled, the Australian Government retains responsibility for other airport-related services through agencies such as Airservices Australia, the Australian Customs Service, and the Australian Federal Police.
In 2013, Sydney Airport Holdings acquired a 100% stake in Sydney Airport by buying out minority owners, including various superannuation funds. This gave it complete ownership of the airport. However, in March 2022, Sydney Airport Holdings was delisted from the Australian Stock Exchange when it was acquired by the Sydney Aviation Alliance (SAA), a consortium advised by Macquarie Capital and comprising IFM Investors, QSuper, and Global Infrastructure Partners.
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Macquarie Bank
The Macquarie Group then distributed one Sydney Airport stapled security to its shareholders, consisting of a 'Return of Capital' of $2.5737 per share and a 'Special Dividend' of $1.1563. In 2009, the Macquarie Group spun off its management of the airport, forming MAp Airports (MAp).
In 2013, it was revealed that since the Macquarie Bank acquired the airport in 2002, it had not paid corporate taxes, even though all other airports in the country did. In November of the same year, Macquarie Bank sold its shares in the airport back to its shareholders, cashing in $377 million.
In 2021, Macquarie Capital, a division of Macquarie Bank, advised the Sydney Aviation Alliance (SAA) on its acquisition of Sydney Airport Holdings. The SAA is a consortium of some of the world's largest infrastructure and airport investors, including IFM Investors, Global Infrastructure Partners, QSuper, and AustralianSuper. The deal was approved in December 2021 and completed in March 2022.
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Sydney Airport Corporation
On 13 December 2000, the Australian Government announced its intention to privatise the Sydney basin airports, with Sydney (Kingsford Smith) Airport to be sold separately, followed by the remaining three airports. The government decided that SACL would be broken up and privatised as two separate and competing companies: one company would operate Sydney (Kingsford Smith) Airport, and Bankstown, Camden, and Hoxton Park Airports would be operated as separate companies jointly managed under another company.
In 2002, the Commonwealth Government sold Sydney Airport Corporation (SAC) to Southern Cross Airports Corporation Holdings for $5.4 billion. Macquarie Bank won the bid for a 99-year lease on the airport for A$5.6 billion through a consortium, Southern Cross Airports Corporation Holdings Limited. In 2013, Sydney Airport Holdings took a 100% stake in Sydney Airport by issuing securities to, or buying out, minority owners of the airport.
In November 2021, Sydney Airport Holdings announced that it had agreed to accept a A$23.6 billion takeover bid from the Sydney Aviation Alliance (SAA), a consortium comprising IFM Investors, QSuper, and Global Infrastructure Partners, advised by Macquarie Capital. The acquisition was completed in March 2022, and Sydney Airport Holdings was delisted from the Australian Stock Exchange.
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Southern Cross Airports Corporation Holdings
Sydney Airport Holdings (SYD) was a publicly listed Australian holding company that owned a 100% interest in Kingsford Smith Airport through the leaseholder Sydney Airport Corporation. Its head office is located in Mascot, New South Wales, and it operates three passenger and seven cargo terminals in Sydney, providing aeronautical services and facilities to airlines, retailers, and other users.
In 2002, Macquarie Bank won the bid for a 99-year lease on the airport for A$5.6 billion through the consortium Southern Cross Airports Corporation Holdings Limited. Macquarie Bank funded this acquisition through the IPO of a managed airport fund, Macquarie Airports (MAP), under a combination of trusts that it managed.
In 2013, Sydney Airport Holdings took full ownership of Sydney Airport by buying out minority owners, including various superannuation funds. However, it was revealed that since Macquarie Bank's acquisition in 2002, the airport had not paid corporate taxes, even though all other airports in the country did. In November 2013, Macquarie Bank sold its shares in the airport back to its shareholders, making $377 million in the process.
In November 2021, Sydney Airport Holdings agreed to accept a A$23.6 billion takeover bid from the Sydney Aviation Alliance (SAA), a consortium comprising IFM Investors, QSuper, and Global Infrastructure Partners, advised by Macquarie Capital. The acquisition was completed in March 2022, and Sydney Airport Holdings was delisted from the Australian Stock Exchange.
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Australian Federal Government
Sydney Airport is currently owned by Sydney Aviation Alliance (SAA), a consortium comprising IFM Investors, QSuper, and Global Infrastructure Partners. The airport was previously owned by Sydney Airport Holdings, which was a publicly listed Australian holding company.
However, it is important to note that the Australian Federal Government played a significant role in the ownership and development of Sydney Airport. Here is some more information about the involvement of the Australian Federal Government:
The Australian Federal Government initially owned and operated Sydney Airport through the Federal Airports Corporation. In 1998, the Federal Government made the decision to separate Sydney Airport from the Federal Airports Corporation and establish Sydney Airport Corporation Limited (SACL) as the corporate entity and sole leaseholder for Sydney (Kingsford Smith) Airport. SACL was incorporated on May 28, 1998, and commenced operations on July 1, 1998, as the long-term lessee of Sydney Airports, including Sydney (Kingsford Smith) Airport, Bankstown, Hoxton Park, and Camden.
The Australian Federal Government's decision to establish SACL as a separate entity paved the way for the privatization of Sydney's airport operations. In 2000, the Government announced its intention to privatize the Sydney basin airports, with Kingsford Smith Airport to be sold separately. This led to a competitive bidding process for the airport's leasehold.
During this time, the Federal Government also grappled with Sydney's airport capacity issues, eventually making the controversial decision to build a third runway on reclaimed land from Botany Bay. The development of the third runway was completed in 1994 and sparked the formation of the No Aircraft Noise party in 1995, highlighting the community's concerns about increased aircraft movements.
Despite privatizing Sydney Airport, the Australian Federal Government retains responsibility for certain airport-related services through various agencies. These include Airservices Australia, which handles air traffic control, aviation communications, airport fire-fighting, and rescue. Other agencies involved include the Australian Customs Service, the Australian Quarantine and Inspection Service, the Australian Federal Police, and the Department of Infrastructure and Transport.
In summary, while the Australian Federal Government initially owned and operated Sydney Airport, it made the decision to privatize the airport in the late 1990s, leading to the establishment of SACL and subsequent ownership transfers. The Federal Government continues to play a role in airport-related services and infrastructure development, ensuring the safe and efficient operation of this critical piece of infrastructure.
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Frequently asked questions
Sydney Airport Corporation Limited (SACL) is owned by Sydney Airport Holdings, which is a publicly listed Australian holding company.
In March 2022, Sydney Airport Holdings was acquired by the Sydney Aviation Alliance (SAA), a consortium comprising IFM Investors, QSuper and Global Infrastructure Partners.
Prior to the SAA acquisition, Macquarie Bank had owned Sydney Airport Holdings since 2002.
SACL was formed by the Australian Federal Government in 1998 as the corporate entity and sole leaseholder for Sydney (Kingsford Smith) Airport. It was privatised in 2000 and has since been owned by various entities, including Macquarie Bank and Sydney Airport Holdings.
