Ownership
Privatisation of Darwin International and Alice Springs Airports occurred 10 June 1998. A purchase price of $110.2 million was paid for a 50 year lease of Alice Springs, Darwin International and Tennant Creek Airports with an option to extend that lease for a further 49 years. Both airports were previously managed by the Federal Airports Corporation (FAC) and formed part of the FAC network. This ownership structure existed from 1 April 1989 to 10 June 1998.
Industry Funds Management Managed Funds (55.6%) is the wholly owned investment management subsidiary of Industry Fund Services (IFS). IFS was established in 1994 to provide cost effective, innovative and market leading products and services for industry superannuation funds and their members. IFS has recently announced its merger with Members Equity Bank. The merged group has some 5 million superannuation fund members Australia wide and around 450,000 sponsoring employers, with a combined asset base of $25 billion. As at 30 June 2006, IFM had over $10 billion in funds under management across its investment specialisations, including infrastructure, private equity, enhanced and indexed funds and private debt.
Hastings Funds Management/AIX (28.25%) was established in 1994 and built on the support and foresight of the industry and public superannuation funds, Hastings Funds Management Limited (Hastings) plays a significant role in alternative asset funds management with approximately $3.6 billion in funds under management in infrastructure, private equity, timberland and high yield debt investments.
Palisade Investment Partners Limited (16.15%) Palisade Investment Partners was formed in May 2007 to develop and grow a high quality infrastructure investment business. Palisade is a member of the Pinnacle Investment Management "house of boutiques" group and is supported by the business infrastructure resources of the Wilson HTM Investment Group.