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Westralia Airports Corporation Pty Ltd (WAC) took up a 99 year leasehold interest over Perth Airport on July 2, 1997, as part of the first phase of the privatisation of airports in Australia.

Westralia Airports Corporation Pty. Ltd. (WAC) is a wholly owned subsidiary of Airstralia Development Group comprising of Utilities Trust of Australia ("UTA") which holds a 34.46% equity interest; Perth Airport Property Fund ("PAPF"), which holds a 24.54% equity interest; Australian Infrastructure Fund ("AIF"), which holds a 26% equity interest; and, BAA Australia Pty. Ltd. ("BAA"), which holds a 15% equity interest.

Perth Airport is the principal international, domestic and regional gateway to Western Australia for commercial aircraft and freight. It is one of Australia's closest airports to South East Asia, Europe and Africa, and is located 12km from Perth on a 2,105 hectare site.

Perth Airport is Australia's fourth busiest airport in terms of passenger traffic, and operates 24 hours per day throughout the year.

Perth Airport is closely aligned with the economic development of the region, and has a significant role in the State's economy, generating over $900 million annually in salaries and wages, while employment approaches over 17,500 jobs.

The airport site can be developed to meet the growing needs of Western Australia well into the next century, through expansion of terminal facilities, runways and related infrastructure.

Westralia Airports Corporation has over 700 hectares available for a wide range of property development, providing the potential for the airport to become a major commercial and industrial area.

As at the 14 May 2001, BAA became the technical services advisor to the airport and holds a 15% equity interest.