Sydney airport sold to Southern Cross consortium

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Sydney airport will be sold for A$5.588bn ($3.1bn) to Southern Cross Airports Corp, the Australian government announced yesterday

"This is the biggest government trade sale in Australian history. It is also the world's largest trade sale of an airport," said Minister for Finance and Administration, Senator Nick Minchin.

"This price reflects fair value for Sydney Airport, Australia's pre-eminent international gateway and transport infrastructure asset."

The Southern Cross group comprises Macquarie Bank, the German airport operator Hochtief and the Commonwealth Bank of Australia.

Under the terms of the sale, Southern Cross will shortly acquire all of the outstanding shares in SACL, the airport lessee company which operates and manages Sydney airport under a 99-year lease from the Commonwealth.