Whitehelm Capital

Case Studies

Adelaide Airport

Adelaide Airport Limited is the lessee and operator of the Adelaide and Parafield Airports in South Australia under a fifty year lease (plus a 49 year option to extend) from the Commonwealth of Australia. Adelaide Airport is the sixth largest international and fourth largest domestic airport in Australia. The airport has significant non-aeronautical property holdings as well as several land banks, which at the time of acquisition were undeveloped.

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Angel Trains

Angel Trains (Angel) is one of three major rolling stock leasing firms (ROSCO) in the UK that was created during the break up and privatisation of British Rail. Its chief business is the leasing of rolling stock to operators of passenger trains and freight trains. Angel is the largest ROSCO by number of vehicles leased, with over one third of the market.

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Brisbane Airport

Brisbane Airport Corporation (BAC) is the operator and manager of Brisbane Airport in South East Queensland under the terms of a 50 year lease (plus a 49 year option to extend) acquired from the Commonwealth of Australia. BAC was established by the Commonwealth Bank and Schiphol Australia as the special purpose bid vehicle to acquire Brisbane Airport in 1997.

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CTRMA Subordinated Bonds

The Central Texas Regional Mobility Authority (CTRMA) is an independent government sponsored highway authority which was created in 2002. It owns and operates a toll road system in the Austin, Texas metropolitan area.

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DCT Gdansk

Deepwater Container Terminal Gdansk (DCT Gdansk) was developed from a greenfield basis after acquisition by Whitehelm Capital’s clients in 2005. The construction of the port commenced in late 2005 and became operational in October 2007. The development is underpinned by an agreement between DCT Gdansk and the Port Authority of Gdansk to develop and operate the ports for 30 years plus an option for a further 30 years.

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Flinders Ports

Flinders Ports operates seven South Australian ports and South Australia’s only container terminal. Port operations include the provision of port assets, control and direction of commercial shipping, provision of pilotage services and establishing and maintaining navigation aids. The company also provides logistics services and holds land and buildings, some of which are leased or subleased to third parties.

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International Parking Group

International Parking Group (IPG) is the owner and operator of nine leases and licenses to operate car parks at hospital campuses in Sydney and Brisbane. Over 10,000 car parks have either been built for or purchased from local health authorities in exchange for the right to charge users for parking at the facilities. Upon expiry of the relevant lease or licence, the car parks are to be handed back to the health authorities. Whitehelm first invested in IPG on behalf of its client in 2003.

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LBC Tank Terminals

LBC is one of the world’s largest independent operators of bulk chemical and petroleum storage with over 2.8 million cubic metres of storage capacity at 14 terminals across three continents and seven countries. In addition to tank storage, LBC offers a range of value-add services including blending, drumming and warehousing.

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Oaklands Hill

The Oaklands Hill Wind Farm is a 67 MW capacity wind farm that is located in Glenthompson, Victoria, Australia. Oaklands Hill consists of 32 x 2.1MW Suzlon S88 V3A wind turbines and is connected to Powercor’s distribution network.

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Peninsula Link

The Peninsula Link Project is a public private partnership (PPP) to design, construct, maintain and operate a 27 km freeway in Melbourne, Victoria. The Project is subject to an availability charge where payments are received from the State in return for making the road available, rather than via any toll or demand driven mechanism. Hence, there are no tolls, and revenue is independent of toll revenue.

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