Investments

Overview & Philosophy

CAI is a sought-after partner in airport privatisation and M&A transactions as governments and investment consortia increasingly require airport operators to be involved.

CAI combines the expertise gained from the development of Singapore Changi Airport, with its own experience across multiple geographies and airport assets to provide value-add for its investments. With an integrated platform, deep industry knowledge and an ability to foster strong partnerships, CAI has the breadth to execute a wide range of airport projects.

CAI’s focus is to invest in emerging and developed markets with airport opportunities that have strong growth prospects, potential for capacity expansion, and room for business transformation, combined with strong local partnerships.

Investment Strategy

CAI endorses a disciplined investment strategy within its business processes to ensure that CAI’s risk-taking activities matches its expected return target. The fundamentals of CAI’s investment strategy are:

1. Strong Catchment Potential

• Airports with traffic development potential underpinned by strong economic growth fundamentals, a large population base and an expanding middle class
• Critical mass for commercial and traffic diversification
• Favourable and robust regulatory and aviation policy environment

2. Scope For Value-add

• Potential to transform the airport business, in particular, to develop non-aeronautical and unregulated business
• Potential to stimulate traffic, expand the airport catchment and diversify the hub network
• Opportunity to design or redesign the airport infrastructure to maximise value capture
• Ability to obtain significant operating efficiencies and improve service levels to meet and exceed public and stakeholder requirements

3. Strategic Influence

• Substantive shareholder rights and ability to actively influence the overall management and development of the asset
• Preference to be majority shareholder or largest minority shareholder (with negative control rights)
• Ability to have regular engagement with regulatory bodies and ministries

4. Strong Partnership

• Focus on forming strong consortia with the appropriate partners to manage key investments risks including execution, construction, or sovereign risks

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