Qantas sells Sydney Airport lease
Qantas has sold back its lease on Sydney Airport’s Terminal 3 for $535 million, returning it to the airport operator four years ahead of schedule.
The airline took a 30-year lease on the terminal in 1989 and was due to revert back to the airport in 2019.
Under the terms of the deal Qantas will have exclusive use up to 2019 and then priority access into the next decade.
Qantas chief executive Alan Joyce said after this period its flight operations could move to Terminal 2, alongside rival Virgin Australia, and Qantas subsidiary Jetstar.
"This deal provides certainty. The lease was always going to revert after mid-2019. This deal gives us that certainty for our passengers and employees beyond that date and through to 2025," he said.
After paying $535 million in cash Sydney Airport will receive payments from Qantas on a per passenger basis for each arriving flight and rental revenue from retail outlets at the terminal.
Qantas also said it is in discussions to sell off its terminal leases at Melbourne and Perth airports.
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