Igneo Infrastructure Partners is selling its 15.26% stake in Australian airports owner Adelaide Airport Limited to a group of undisclosed shareholders.
Igneo said the sale of its stake in the company that owns and operates Adelaide Airport and Parafield Airport, was initiated after a strategic review to evaluate the asset’s performance against its target fund goals, leading shareholders to exercise their pre-emptive rights.
The major shareholders that own Adelaide Airport Limited are Australian super funds UniSuper with 51% and Hostplus with a 15% stake, alongside IFM Investors with 15% and Perron Group with a 4% stake.
The transaction price was undisclosed.
Adelaide Airport Limited holds a 50-year lease from 1998, with a 49-year extension option, to operate Adelaide Airport and Parafield Airport.
Igneo has been an investor in Adelaide Airport Limited since the airport’s privatisation in May 1998.
Danny Latham, the head of Igneo Australia and New Zealand, said: “At an operational level, we have welcomed the opportunity to work closely with the management team and our fellow shareholders which has resulted in passenger numbers increasing from 4m in 1998 to over 8.7m in 2025, as well as EBITDA [earnings before interest, taxes, depreciation] increase of over 11x during this time. We have also delivered for our clients, with a holding period internal rate of return of 14.4% and 8.9x multiple on invested capital.
“Adelaide Airport Limited continues to be a well-performing asset, having achieved record passenger volumes and financial performance in FY25. We are pleased that its existing shareholders can continue to be a part of its growth journey.”
| Shareholder | Type | Approximate stake (before Igneo’s exit) |
|---|---|---|
| UniSuper | Australian superannuation fund | 51% |
| Hostplus | Australian superannuation fund | 15% |
| IFM Investors | Infrastructure fund (on behalf of pension funds) | 15% |
| Perron Group | Diversified private group | 4% |
| Igneo Infrastructure Partners | Global infrastructure manager (stake being sold) | 15% |
To read the latest IPE Real Assets magazine click here.
