Tiger Infrastructure Partners Buys Controlling Interest in 120-Acre Airport Lease at Ted Stevens Anchorage International Airport
Posted on 11/08/2021
Tiger Infrastructure Partners acquired a controlling interest in IC Alaska Airport LLC. IC Alaska Airport LLC secured a 120-acre, 55-year lease at the Ted Stevens Anchorage International Airport. Ted Stevens Anchorage International Airport is the fourth busiest air cargo airport in the world and a vital conduit for trans-Pacific air cargo. IC Alaska Airport LLC will be renamed NorthLink Aviation. With equity capital from Tiger Infrastructure, NorthLink will develop and construct a purpose-built air cargo terminal located on the south campus of ANC.
Simultaneous with Tiger Infrastructure’s investment, NorthLink executed a 55-year lease with the State of Alaska for the 120-acre south campus property at Ted Stevens Anchorage International Airport.
Tiger Infrastructure believes that cargo volumes at ANC will continue to grow significantly, driven by factors such as the strong outlook for trans-Pacific air cargo, rising e-commerce volumes, increases in the share of cargo volumes carried by dedicated cargo freighters and Ted Stevens Anchorage International Airport’s strategic location.
The original sponsor of the project is the Investment Company of Alaska LLC (a subsidiary of the C Change Group LLC), an Anchorage-based investment firm led by Russell Read, who previously served as Chief Investment Officer of the Alaska Permanent Fund Corporation and John Tichotsky, who previously served as Chief Economist for the State of Alaska. The C Change Group is focused on infrastructure initiatives and game-changing technologies which can materially transform the world’s use of energy, raw materials and other natural resources.
According to a November 10, 2020 public notice on the Alaskan government website, “NOTICE OF APPLICATION FOR LAND DEVELOPMENT LEASE: The State of Alaska, Department of Transportation and Public Facilities (DOT&PF), Ted Stevens Anchorage International Airport (Airport) proposes to execute a Land Lease under ADA-32351, as follows: LESSEE: IC Alaska Airport LLC PREMISES: Block 23, Lot 15 consisting of approximately 4,246,285 square feet. LEASE TERM: Fifty-five (55 years) LEASE RENTAL RATE: $0.18 per square foot per year. PROPOSED VALUE OF INVESTMENT: $500,000,000. PROPOSED AUTHORIZED USES: Applicant proposes to develop, construct, operate and maintain a maintenance, repair and operations (MRO) or comparable hangar warehouse facility, fourteen (14) aircraft hardstands for design group V aircraft, fueling distribution facilities, and vehicle parking.”
