Anatomy of an airportHow they generate revenue, and why they can
make attractive long-term investments

Along with bridges, toll roads, railways, hospitals, and electricity grids to name a few, many listed infrastructure funds also invest in local and international airports.

The two key sources of revenue

Non-aeronautical
Aeronautical

(Hover on the icons to see details)

data chart

Long-term growth outlook

Apart from continued passenger growth - which is essential to the sector's long-term growth outlook - airport revenue is also supported by three secular trends that provide the foundation for a positive long-term growth outlook.

 
0.9% per year
Boeing 2017- 2036 Long-Term Market Outlook.

Lower real airfares

Average airfares have been declining by 0.9% per year over the past decade

 
over 60% by 2040
Airports Council International 2017 World Airport Traffic Forecasts.

Growing emerging market middle class

The growing number of travellers from emerging economies – particularly China – is a phenomenon showing no signs of slowing

 
170 new routes
Boeing 2017.

Improving aircraft manufacturing technology

Improvements in existing fuel effciency are anticipated to result in more routes opening up for airports

Access the benefits of infrastructure via the Macquarie International Infrastructure Securities Fund

The Fund offers exposure to a global portfolio of listed infrastructure securities, diversified across infrastructure sectors and across developed and emerging markets. The Fund currently has exposure to a number of international airports, including Zurich Airport, Sydney Airport, and Auckland Airport. 1