Infrastructure Capital Group Ltd (ICG) announces that it has sold its 100% interest in ANZ Stadium to the NSW Government with completion occurring on 1 July 2016. This ends ICG’s ten-year association with ANZ Stadium and has provided very successful investment for ICG’s unitholders.
ICG Ownership Period
ICG’s Diversified Infrastructure Trust acquired ANZ Stadium in an on market takeover in early 2007. Over the period 2007 to 2009, the business was recapitalised and ICG oversaw a significant restructure of operations. These included a management and board restructure, acquisition of the catering business, internalisation of the facility management functions and termination of the external operator agreement. These changes materially reduced operating costs and improved operational efficiencies and effectiveness.
Following this restructure, focus shifted to revenue enhancements and customer contracts were lengthened, new sporting customer contracts were added and further event diversification was sought. ANZ Stadium is now recognised as a major concert and event destination with regular annual events attracting sell-out crowds.
In addition over recent years, the catering business assumed an outward focus and now provides services to a number of external venues and the core business attracted more concerts and occasional events, often in partnership with Destination NSW, NSW’s body for major events and tourism. In more recent times, the management team was awarded the contract to manage the new Perth Stadium, due for completion in late 2017.
ICG’s Managing Director Mr Tom Laidlaw said “Since 2007, ANZ Stadium under ICG management more than doubled the annual cash operating profit whilst at the same time de-risked the business. It has been a superb investment for DIT unitholders and clearly shows the investment and asset management capabilities of ICG.” Mr Laidlaw added that the decision to sell ANZ Stadium back to the NSW Government was taken after the Government confirmed the funding for a $700m upgrade of the stadium and it was appropriate that this was completed under Government ownership.
For further details, please contact Emma Cullen-Ward, OneProfile Communications, on +61 2 8915 9900 or +61 414 989 137.