Macquarie Infrastructure Company (NYSE: MIC) announced that its Atlantic Aviation business has reached agreement with Los Angeles World Airports for the development of a 36,500 square foot general aviation hangar at Los Angeles International Airport. Atlantic Aviation owns terminals and hangars, known as fixed base operations, at 63 airports throughout the U.S.
Work to build the $7.8 million development has commenced. When complete, the new facility will feature secure parking for four large-cabin general aviation jet aircraft plus approximately 5,300 square feet of office space.
“The expansion of Atlantic Aviation’s LAX facility is another investment in the future of the business,” said James Hooke, Chief Executive Officer of MIC, “One that we believe will produce attractive returns and enable Atlantic Aviation to better serve its Los Angeles bound customers. We already have strong demand for the full space given the extreme shortage of General Aviation hangar capacity at LAX.”
“Together with acquisitions of fixed base operations expected to close in the next few weeks, the hangar development at LAX and projects currently underway across our portfolio of infrastructure businesses, MIC has committed to invest more than $300 million in growth projects in 2014,” Hooke added.Exclusive of the previously announced acquisitions, MIC’s businesses have now committed to growth projects in 2014 with a combined value greater than the total of all growth investments made in 2013. In addition to the hangar development, Atlantic Aviation is expected to close on the acquisition of a portfolio of six fixed base operations around the end of the first quarter. MIC’s bulk liquid terminalling business, IMTT, and its gas production and distribution business, Hawaii Gas, also have growth projects underway. About Macquarie Infrastructure Company Macquarie Infrastructure Company owns, operates and invests in a portfolio of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and a 50% interest in a bulk liquid terminals business, International-Matex Tank Terminals. MIC also owns and operates businesses in a Contracted Power and Energy segment including five solar power generation facilities and a district energy business. The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.