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Sydney airport goes for A$5.588 billion

Sydney airport goes for A$5.588 billion

(Australia) - Sydney airport is being sold for A$5.588 billion to the Macquarie Bank led Southern Cross consortium. In what is the largest, single privatisation of Government infrastructure, Southern Cross beat competitor Gateway consortium, partly by committing to a sizeable investment program for the airport, including runway expansion and the development of new retail services.

Southern Cross, which includes the Hochtief airport group of Germany, will receive long term management rights to the airport and first rights of refusal on building a second airport in Sydney's western suburbs.
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