Igneo Infrastructure Partners to divest its interest in Adelaide Airport Limited

10 October 2025: Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, has today announced that it has received notices from a group of shareholders exercising their pre-emptive rights over its 15.26% shareholding in Adelaide Airport Limited, the owner and operator of Adelaide Airport and Parafield Airport. Completion is expected to occur in October 2025.

The transaction was initiated following a strategic review of Igneo’s portfolio which involved assessing each asset's ability to meet its clients’ investment objectives.

Danny Latham, Head of Igneo Australia and New Zealand said, “Our investment in Adelaide Airport Limited has been a great example of Igneo’s ‘buy to build’ investment philosophy. We have been an investor in Adelaide Airport Limited since its privatisation in May 1998 and we are proud of what we have achieved over 27 years to deliver growth for the business and consistent investment returns for our clients.

“At an operational level we have welcomed the opportunity to work closely with the management team and our fellow shareholders which has resulted in passenger numbers increasing from 4 million in 1998 to over 8.7 million in 2025, as well as EBITDA increase of over 11x during this time. We have also delivered for our clients with a holding period Internal Rate of Return of 14.4% and 8.9x Multiple On Invested Capital.

“Adelaide Airport Limited continues to be a well performing asset having achieved record passenger volumes and financial performance in FY25. We are pleased that its existing shareholders can continue to be a part of its growth journey.”

Barrenjoey acted as financial adviser to Igneo, with Gilbert + Tobin acting as legal adviser.

‍About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.

Igneo manages US$22.5bn worth of assets (as at 30 June 2025) on behalf of more than 200 investors around the world.

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In Hong Kong, this press release is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore, this press release is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This press release has not been reviewed by the Monetary Authority of Singapore.

First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are the business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).