Global Airport News

Australian investment firm Macquarie Airports (MAP) (MAP.AX) requested a halt to trading in its shares on Thursday pending a major announcement, amid speculation it may be looking to sell assets or undertake a refinancing.

The group's parent, Macquarie Group (MQG.AX), also went on a trading halt, saying the MAP announcement may affect its share price. Macquarie is Australia's top investment bank.

MAP, with a market value of about A$4.5 billion ($3.7 billion), is one of the world's largest private airport owners and operators, with airports in Sydney, Europe and Mexico.

As global asset values fall, doubts have increased about the survival of Macquarie's business model of buying assets and placing them into listed and unlisted funds, earning fees from managing them and advising on the acquisition and sale of assets.

A number of Macquarie's managed funds have in the last two weeks cut the value of their portfolios, including the biggest, Macquarie Infrastructure Group (MIG.AX), which is also reviewing strategic options with Macquarie to improve value.

Neither group gave further details.

"They could be announcing a sale of, or part of an asset, and the announcement may also involve a refinancing of one of the European assets," said Will Seddon, investment analyst at White Funds Management who owns shares in MAP.

MAP agreed in May to sell its 19.9 percent stake in Japan Airport Terminal (9706.T) to JAT.

MAP's shares were trading up 10.5 percent at A$2.64 before it was placed on trading halt for up to two business days, while the wider market was down about 0.1 percent.

Macquarie's shares were up 4.8 percent at A$41.80 prior to its trading halt. ($1=1.222 Australian Dollar)