New Zealand-based infrastructure investment company Infratil has sold its 3.87% stake in Auckland International Airport (AIA).

It sold the stake via an institutional placement and raised NZ$87.25 million ($65 million), Infratil says in a New Zealand stock exchange filing.

The sale is part of its efforts to sell non-core assets and raise cash to fund investment opportunities, it adds.

Infratil bought the AIA stake in 2007 in a joint bid with the New Zealand Super Fund, a move that thwarted Dubai Aerospace Enterprise's takeover bid for the airport.

The sale comes days after Infratil disclosed that it is in negotiations to buy Shell's refining, distribution and retail businesses in New Zealand.

Source: Air Transport Intelligence news