Auckland Mayor Wayne Brown Looks to Sell $2 billion Worth of Airport Shares
December 2, 2022
PHOTO: LAWRENCE SMITH/STUFF
Auckland mayor Wayne Brown is proposing to sell the council’s 18% shareholding in the city’s airport – the country’s biggest international gateway – worth around $2 billion.
The sale of the minority shareholding is part of Brown’s 2023/24 budget proposal, which will be put to the council’s Governing Body next week for consultation in 2023.
Proceeds from a stake would go to lowering debt and interest costs, with the council part-way through trying to close a record gap next year of up to $295 million.
Putting the sale proceeds into the council’s fiscal pot is estimated to save $88m in interest and debt costs.