Good evening,

Suitors that have fastened – and unfastened – their seatbelts for the auction for a 74 per cent stake in Queensland Airports Limited to take-off are on high alert once again.

Street Talk understands QAL’s sell-side advisers are preparing to officially launch the sale process in late May, or 10 months after this column reported Barrenjoey had been mandated for the gig. Sources said the selling trio – State Super, Australian Retirement Trust and Macquarie-run The Infrastructure Fund – and their advisers are at the tail-end of prep work needed to get the business ready for a sale.

Despite the movement, suitors lining up for a slice of the $140 million-a-year business know not to get too excited. That’s because the auction’s start date has already slipped a couple of times, from the new year to post-Easter, and now to late May. Of note, a firm timetable is yet to be set.

Early marketing materials hit inboxes six months ago, but sources said Barrenjoey and Macquarie Capital have been working through a stamp duty organisation of QAL’s underlying businesses, and simplifying its corporate structure to attract foreign bidders.

The portfolio includes airports at Gold Coast, Townsville, Mount Isa and Longreach – all subject to the Airports Act requirement of at least 51 per cent Aussie ownership for local airports. Its EBITDA is forecast to swell from $118 million to $140 million in the 2024 financial year, with the flyer pointing to future growth from post-COVID-19 recovery, Queensland’s growing population, new routes and value-added developments on existing land packages.

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

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