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Dexus Group has cleared the runway for the sale of its 9.7 per cent stake in Melbourne and Launceston airports, in what’s expected to mark the fourth airport selldown in Australia this year.

Street Talk can reveal Dexus’ bankers at JPMorgan have sent a sale flyer, which outlines the deal structure and preliminary financials, to parties interested in getting their hands on a 9.7 per cent stake in the two airports’ holding company, Australia Pacific Airports Corporation.

Melbourne airport grew revenue by 17 per cent to $1.2 billion in the 2024 financial year, while EBITDA rose 21 per cent to $821 million, according to the flyer. Launceston Airport is smaller at $35 million revenue and $20.3 million earnings, both of which rose 17 per cent in the year to June 30.

Importantly, bidders have been told both stakes are unencumbered by pre-emption rights – a major issue in recent airport deals – and must sit under Dexus’ management. Non-binding bids are due before Christmas.

Dexus will accept bids of all sizes and combinations and there’s no requirement for investors to house their investment in a co-mingled fund, the sale pitch says.

Three investors will exit in full, while two other Dexus funds will sell down partially. One of the sellers is UK-based mid-market infrastructure investor InfraBridge.

After the deal, Dexus will retain two board seats and 27.3 per cent of the voting interest.

Read the full story tomorrow and more on the Street Talk page.

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Dexus′ bankers at JPMorgan have mailed out sale documents for a 9.7 per cent stake in Asia Pacific Airports Corporation, the 100 per cent owner of Melbourne Airport and 90 per cent owner of Launceston Airport. Both were privatised by the government under 99-year leases in the late 1990s.

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