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Auckland Airport issues $150 million of bonds

on Friday 28 September 2018 in Auckland International Airport, Debt securities, Gainz, Sectors, Securities – NZ

Auckland International Airport Ltd closed its new bond issue on Wednesday with $150 million allocated.

The offer to institutional & NZ retail investors was for $125 million plus up to $50 million of oversubscriptions. There was no public pool.

The interest rate was set at 3.51%/year, reflecting a 0.95% margin over the underlying swap rate. The 6-year fixed-rate bonds will be issued on 10 October.

The company has 5 existing bond issues for a total $675 million maturing between December 2019 & April 2023.

Attribution: Company release.

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Auckland Airport launches bond issue

on Monday 24 September 2018 in Auckland International Airport, Debt securities, Gainz, Sectors, Securities – NZ

Auckland International Airport Ltd joined the queue of listed companies raising money through bond issues today, seeking up to $175 million.

The offer is $125 million of 6-year fixed rate bonds & up to $50 million in oversubscriptions. It will be open to institutional & NZ retail investors. There’s no public pool.

The indicative margin range is 0.95-1.05%/year. The bookbuild process is expected to be completed on Wednesday.

Attribution: Company release.

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Auckland Airport to plough North Queensland sale return into NZ growth

on Tuesday 16 January 2018 in Auckland International Airport, Gainz, Sectors, Securities – NZ

Auckland International Airport Ltd has put a price of $A370 million on its 24.6% stake in North Queensland Airports Pty Ltd and will offer the lot to the other 3 shareholders of the private company.

Auckland Airport chief executive Adrian Littlewood said today: “The sale will enable Auckland Airport to focus attention on growing its New Zealand travel, trade & tourism businesses and to recycle the proceeds into supporting the significant step up in aeronautical investment at Auckland Airport over the next 5 years, that we recently announced along with our aeronautical charges for financial years 2018-22.”

The sale will be subject only to securing necessary regulatory & counterparty approvals (if any) and completed in accordance with the requirements of the North Queensland Airports securityholders agreement.

Auckland Airport said all 3 other shareholders were entitled to buy pro rate shares of the Auckland interest, but 2 – The Infrastructure Fund (which has 20%) & Perron Investments Pty Ltd (5%) – have said they’re prepared to take the whole Auckland 24.6%.

IIF Cairns Mackay Investment Ltd, an entity advised by JP Morgan Asset Management, owns 50% and hasn’t signalled its interest yet. After a strategic review last August, Auckland Airport also undertook discussions with third parties.

Attribution: Auckland Airport release, North Queensland Airports website.

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Auckland Airport sets rate on bonds

on Friday 13 October 2017 in Auckland International Airport, Debt securities, Gainz, Sectors, Securities – NZ

Auckland International Airport Ltd’s $100 million 6-year retail bond issue closed fully subscribed on Wednesday and the interest rate has been set at 3.64%/year. Initially the company said the rate was 3.62%/year.

The indicative margin range was 0.82-0.87% over the underlying swap rate, and the rate set is at the bottom of that range.

Auckland Airport offered $75 million of bonds, with the ability to accept $25 million of oversubscriptions. There was no public pool for the offer.

The bonds will be issued next Tuesday, 17 October.

Attribution: Company release.

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Auckland Airport leads as omni-channel platform set to transform shopping

on Tuesday 15 August 2017 in Auckland International Airport, Gainz, Market, Retail, Sectors, Securities – NZ

Auckland International Airport Ltd announced a partnership with German global technology service provider AOE GmbH yesterday, to create a “multi-retailer mall” which will enable international travellers to buy retail products & airport services via mobile phone & online.

The airport company’s retail & commercial general manager, Richard Barker, said the “omni-channel” commerce platform should be launched in mid-2018: “Our new online ‘multi-retailer mall’ will enable international passengers to purchase from multiple airport retailers with a single transaction and then pick up all their items from a single collection point, thanks to a sophisticated back-of-house operation. It’s the ultimate ‘click-&-collect’ shopping process.

“The online platform also means that international passengers can shop at any stage of their travel journey, using their own devices, and at a time & place that is convenient for them – be it before they leave home, on board their aircraft using in-flight wi-fi, or while sitting in any domestic or international airport.

“The platform’s staged introduction will eventually see most airport retailers participating. All Auckland Airport products & services, including parking, loyalty & lounge access, will also be integrated into the online mall, making it easier & more convenient for travellers to shop.”

Mr Barker said Frankfurt Airport had successfully introduced AOE’s omni-channel commerce platform: “We are excited that Auckland Airport’s introduction of the technology will be a first for any airport in Australasia. It will ensure that we deliver one of the most advanced digital airport retail experiences in the world and that we can significantly expand the range & type of products & services we offer to our customers.”

“Today’s partnership announcement continues the digital transformation of Auckland Airport. It supports our ‘faster, higher, stronger’ business strategy focus on strengthening our consumer business, and builds on the recent launch of our mobile-first Strata loyalty programme. Importantly, it will help to provide our passengers with a one-of-a-kind personalised journey.”

Links: AOE
OM³, or omnichannel multi-merchant marketplace

Attribution: Company release.

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Design leaders appointed for “airport of the future”

on Wednesday 24 May 2017 in Airport, Auckland International Airport, Gainz, Neighbourhoods, Sectors, Securities – NZ, South

Auckland International Airport Ltd has appointed a specialist consortium to lead design of the “airport of the future”, starting with creation of a combined domestic & international terminal.

The consortium will be led by management, engineering & development consultancy Mott MacDonald NZ Ltd, and includes Grimshaw Architects NZ Ltd, Architectus & Holmes Consulting Ltd.

Auckland Airport chief executive Adrian Littlewood said: “The selected consortium’s experience covers over 1000 aviation projects in 120 countries across 260 airports. In addition to specialist experience & knowledge, the consortium’s architects have a proven record of successfully bringing local cultural influence into the fabric of their passenger-focused design. This is a significant factor for us as we build a world-class airport with a uniquely New Zealand feel.”

The scope of the design project covers building works over the next 10 years. This includes the new integrated domestic terminal, expansion of border processing and the integration of extensive new transport & parking facilities.

The design is expected to be completed in early 2018.

Attribution: Company release.

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Airport company & Tainui to build Pullman at terminal

on Monday 20 February 2017 in Airport, Auckland International Airport, Gainz, Hospitality, Hotels, Market, Neighbourhoods, Sectors, Securities – NZ, South

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

on Sunday 30 October 2016 in Air NZ, Auckland International Airport, Gainz, Kirkcaldie and Stains, Market, propbd on Q, Sectors, Securities – NZ, Summerset

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

on Friday 21 October 2016 in Auckland International Airport, Gainz, Sectors, Securities – NZ

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

on Wednesday 14 September 2016 in Airport, Auckland International Airport, Gainz, Neighbourhoods, Sectors, Securities – NZ, South

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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