Back to: 2009 Archive media releases

30 March 2007

Acquisition of Airport Link Company finalised

A joint venture between Westpac Essential Services Trust and Capital Partners has today completed the purchase of shares in the Airport Link Company Pty Ltd (ALC) from the Receivers and Managers of ALC.

The completion follows the announcement by Westpac Banking Corporation on 27 July 2006 that it had entered into a binding agreement with the Receivers and Managers of ALC to purchase the company.

ALC has the exclusive right, granted from Rail Corporation New South Wales ("RailCorp"), to operate the stations at Green Square, Mascot, Sydney Domestic and Sydney International Terminals until 20 May 2030.

Westpac Essential Services Trust ("WEST") is a registered managed investment scheme that offers Australian wholesale investors exposure to Public Private Partnership (PPP)-style assets that deliver essential public services. Westpac Funds Management Limited ("WFML"), a wholly owned subsidiary of Westpac Banking Corporation, is the Responsible Entity for WEST. WFML has more than $3.4 billion of funds under management.

Capital Partners is an independent, investment management firm based in Sydney, Australia. Capital Partners currently manages more than $2 billion in investments, most through specialised infrastructure mandates for large, sovereign pension funds. The majority of those funds are sourced from outside Australia and have been invested in a number of companies and assets throughout Europe, North America and Australasia.

WEST will own 49.9% and Capital Partners 50.1% of ALC.

Since the appointment of Receivers in late 2000, ALC has experienced strong passenger growth and this is expected to continue under the ownership of the joint venture partners.

Both WFML and Capital Partners are committed to the partnership with RailCorp to ensure both the social and economic success of ALC.