Archive | Auckland International Airport

Airport company & Tainui to build Pullman at terminal

Auckland International Airport Ltd & Tainui Group Holdings Ltd said on Friday they’d agreed to develop a 5-star hotel next to the airport’s international terminal & the existing 4-star Novotel hotel. AccorHotels will operate the new 250-room hotel as the Pullman Auckland Airport.

Auckland Airport property general manager Mark Thomson said the timing was influenced by unprecedented demand for hotel accommodation in Auckland.

The hotel will be developed in a 50:50 partnership between Auckland Airport & Tainui. As part of this agreement, Auckland Airport has increased its ownership stake in the Novotel hotel to 50%. The 4-star-plus 263-room Novotel was completed in 2011.

The new hotel building will carry the name Te Arikinui, the chiefly title the late Maori Queen Te Atairangikaahu chose when she ascended to the wherowhero (throne).

Chris Joblin, Chief Executive of Tainui Group Holdings, says that this agreement reflects the strength of the relationship that has been established between Tainui Group Holdings and Auckland Airport.

Construction is expected to start by the end of this year, and the hotel is scheduled to open by late 2019. By then, the airport’s international terminal will have been expanded and work should be underway on the domestic section of the combined domestic & international terminal.

Image above: Artist’s impression of the new Pullman hotel next to the existing Novotel.

Earlier story:
24 July 2009: Novotel to stand in airport carpark

Attribution: Company release.

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Propbd on Q Sn30Oct16 – Auckland Airport & Air NZ bonds, Summerset forecast, Kirkcaldie takeover complete

Auckland Airport issues $225 million of bonds
Air NZ issues $50 million of bonds
Summerset looking at 40-46% profit lift
Brierley completes Kirkcaldie takeover

Auckland Airport issues $225 million of bonds

Auckland International Airport Ltd has closed its 7-year bond issue after a bookbuild with $225 million of bonds issued.

The interest rate for the fixed rate bonds is 3.97%/year, reflecting a margin of 1.35% over the underlying swap rate. The offer opened on Wednesday with a margin of 1.4%/year indicated.

The bonds will be issued on Wednesday. There was no public pool for the offer but they’ll be listed on the NZX debt market.

Air NZ issues $50 million of bonds

Air NZ Ltd allocated $50 million of bonds in its 6-year unsecured, unsubordinated, fixed-rate issue on Friday. The interest rate is 4.25%/year.

The funds will be used for general business purposes, including repaying some of the bonds which mature on 15 November.

Summerset looking at 40-46% profit lift

Summerset Group Holdings Ltd said on Friday it was forecasting underlying profit for the year to December in a range of $53-55 million, which would be a 40-46% increase on the $37.8 million last year.

Chief financial officer Scott Scoullar said it reflected positive trading conditions across all its villages: “Occupation right sales have been strong since the half year, and are the key driver of the underlying profit forecast.”
The company didn’t provide a forecast for NZ IFRS net profit after tax due to the inherent uncertainty in fair value movement of investment property, a key component of this profit measure.

The directors provide an underlying profit measure to show realised & unrealised components of fair value movement of investment property & tax expense.

Brierley completes Kirkcaldie takeover

The former Kirkcaldie & Stains Ltd, renamed Wellington Merchants Ltd in July, will be delisted and its shares will cease to be quoted from close of business on Friday 11 November, following completion of the $3.45/share takeover by Sir Ron Brierley’s Mercantile Investment Co Ltd on Wednesday.

Kirkcaldie’s sold its Harbour City Centre building in Wellington 2 years ago, and its department store across the road last year to Australian retailer David Jones Ltd, which is owned by South African retailer Woolworths Holdings Ltd.

Earlier stories:
12 September 2016: Cashed-up retailer’s directors approve new Brierley bid
5 June 2015: Kirkcaldie & Stains to become a David Jones store
24 September 2014: Harbour City Centre sale approved

Attribution: Company releases.

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Auckland Airport considers retail bond offer

Auckland International Airport Ltd is considering an offer of 7-year fixed rate bonds to New Zealand retail investors and to institutional investors, in the same class as quoted debt securities.

Airport company treasury specialist Campbell De Morgan said yesterday the company expected to open the offer next week.

The company has appointed BNZ & Westpac as joint lead managers, and Commonwealth Bank of Australia & Forsyth Barr Ltd as co-managers.

Attribution: Company release.

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Röhlig Logistics signs up for the Landing

Auckland International Airport Ltd said on Friday it would build a 7000m² warehouse & office facility for international freight forwarding specialist Röhlig NZ Ltd, which will complete stage 2 development of the Landing business park.

The site at 13 Maurice Wilson Avenue will also accommodate 2 3000m² general purpose warehouse & office facilities.

Auckland Airport property general manager Mark Thomson said the development focus would shift to preparation of a further 12ha in stage 3. Earthworks in stage 3A are scheduled for completion next March.

Attribution: Company release.

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Earthworks start for Primary Industries airport building

The first sod has been turned for a 17,000m² multi-purpose facility for the Ministry for Primary Industries at Auckland Airport’s 100ha business precinct, the Landing.

Ministry director-general Martyn Dunne said the new premises would enable the ministry to consolidate many of its Auckland services under one roof and retain the convenience & benefits of an airport location.

The building will have over 4000m² of office space, storage, warehousing and kennels for up to 80 dogs. It brings together passenger & cargo clearance, export certification, compliance & inspection, fisheries operations & the National Detector Dog Centre into one location. The ministry will also retain its presence at Ports of Auckland.

Mr Dunne said the new facility would create efficiencies and improve experiences for key customers & stakeholders.

“We will have more space & better facilities to train our detector dogs, with simulated passenger halls & mail centre. This helps ensure our dogs are better equipped to screen the growing number of international passengers that pass through Auckland Airport.

“Around 400 of our Auckland staff, who are currently distributed across 3 sites, will colocate in the new premises in late 2017 when construction is expected to be complete.”

Construction is due to start in February.

Attribution: Airport release.

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Airport warehouse for Fonterra

Fonterra’s New Zealand consumer business (Fonterra Brands NZ) will consolidate 7 warehouses – 4 of its own & 3 third parties’ – into one 11,000m² distribution facility in Auckland International Airport Ltd’s The Landing industrial business park.

The 2 companies said on Friday Fonterra Brands was scheduled to occupy the new premises on Timberley Rd under a long-term lease from March 2017.

Attribution: Company release.

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Propbd on Q F8Apr16 – Vector Gas sale OK, Auckland Airport refinances

Vector Gas sale approved
Auckland Airport refinances

Vector Gas sale approved

The Overseas Investment Office has approved Australian investor First State Funds’ application to buy Vector Gas Ltd for $952.5 million, Vector Gas owns & operates NZX-listed Vector Ltd’s gas transmission & non-Auckland gas distribution businesses. Shareholders approved the sale in December. The transaction is expected to be completed on 20 April.

Vector expected to repay its $540 million of drawn bank debt immediately on settlement.

The Auckland Energy Consumer Trust owns 75.4% of Vector. First State Funds comprises the Global Diversified Infrastructure Fund and Colonial First State Active Infrastructure Income Fund, both managed by First State Investments, a global infrastructure asset manager with $7 billion of equity invested in infrastructure assets in Australia, New Zealand & Europe.

Link: Vector sale document

Auckland Airport refinances

Auckland International Airport Ltd said yesterday it had refinanced maturing bank facilities and established a new one.

The company established the 2 new standby bank facilities totalling $200 million to refinance $80 million & $35 million undrawn facilities which were set to mature on 30 April. The 2 new undrawn standby facilities are provided by BNZ ($125 million) & Westpac ($75 million) and will mature in April 2019.

Auckland Airport has also established an additional 2-year drawn facility of $100 million with Commonwealth Bank of Australia to partly fund its capital expenditure programme.

Attribution: Company releases.

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Propbd on Q W27Jan16 – Airport upgrade, QE Square

Airport upgrade continues
Precinct set to complete QE Square deal

Airport upgrade continues

Auckland International Airport Ltd said at the weekend the $160-180 million upgrade to its international departure area would include a new security processing zone, new passenger lounge & shopping hub.

Chief executive Adrian Littlewood said the expansion project was the next step in the development of a combined domestic & international terminal.

American architects Gensler and local practice Jasmax have designed the revamp.

Construction of the new international departure area by Fletcher Construction Co Ltd & specialist sub-contractors began late last year and will continue until early 2018.

The airport company will complete a new domestic departure lounge for use by Jetstar’s regional passengers in February, and open the first of several new gates on Pier B of the international terminal at the end of this year to accommodate the latest generation A380 & B787 aircraft.

Precinct set to complete QE Square deal

Precinct Properties NZ Ltd said last week it looked forward to confirming its agreement to buy the 1900m² Queen Elizabeth Square from Auckland Council, subject to no appeal being raised after the council notified the hearing commissioners’ decision on the plan change.

Precinct & the council entered into a sale agreement in February 2015 conditional on the land being rezoned.

Link: Private plan change 79 decision

Earlier stories:
20 January: Propbd on Q W20Jan16 – QE Square rezoning approved, Tamaki campus rezoning approved, Furniture City sold, SkyCity guidance up
14 December 2015: 
Precinct all set to transform Downtown

Attribution: Company releases.

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Auckland Airport launches $100 million bond offer

Auckland International Airport Ltd will announce the margin & interest rate today on a $100 million offer of 7-year fixed-rate bonds. The indicative margin range was 0.95-1%.

The bonds have been offered to New Zealand retail investors and to institutional investors, closing today following the bookbuild. There’s no public pool.

Auckland Airport has 2 other fixed-rate bonds listed on the NZX debt market, $100 million of 4.73% bonds maturing on 13 December 2019 and $150 million of 5.52% bonds maturing on 28 May 2021.

Attribution: Company release.

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Propbd on Q Th22Oct15 2 – Auction results, Airport bond as capex rises

3 out of 6 sell at Ray White auction
Auckland Airport considers bond issue as tourism & property lift capex need

3 out of 6 sell at Ray White auction

Ray White City Apartments’ auction today started with 3 sales, but ended with the remaining 3 properties passed in. Auction results:

Amora, 100 Greys Avenue, unit 1O, sold for $180,000 + gst, Damian Piggin & Daniel Horrobin
Zest, 72 Nelson St, unit 327, sold for $281,000, May Ma & Mark Li
HarbourCity, 16 Gore St, unit 13H, sold for $258,000, Ann Bennett
HarbourCity, 16 Gore St, unit 5K, passed in at $167,500, Damian Piggin & Daniel Horrobin
CityLife, 171 Queen St, unit 706, passed in at $440,000, Donald Gibbs & Liam Kyle
Eclipse, 156 Vincent St, unit 2H, passed in at $295,000, Ryan Bridgman & Mitch Agnew

Auckland Airport considers bond issue as tourism & property lift capex need

Auckland International Airport Ltd said today it was considering an offer of 7-year fixed rate bonds to New Zealand retail investors and to institutional investors. The offer is expected to open in the week beginning 2 November.

At the annual meeting today, acting chief financial officer Phil Neutze gave a new capex forecast 12-27% above the top end of the initial guidance, which was between $190-205 million. The new guidance lifts the 2016 financial year capex range to $230-260 million.

“The updated capital expenditure forecast is a direct result of the strong growth across our business, especially from those parts driven by tourism & property.
“This updated guidance includes about $135 million of aeronautical capex, focused on upgrading & expanding our terminal & airfield capacity for passengers & airlines. This will deliver real benefits to the travelling public and make us an even more appealing hub for global aviation.”

Attribution: Auction, company release.

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