AIA’s key asset is the Auckland International Airport. Over 70 per cent of visitors enter or leave New Zealand via Auckland Airport, which handles over 15 million passengers a year. Unlike Sydney Airport which leases the concession/land from the government, AIA owns the Auckland Airport and the land surrounding it. This provides investors with an attractive dual exposure to the strong long term growth in the airport business (a mix of aeronautical, retail, hotel and car parking revenue) and a property business including a portfolio of wholly owned commercial property and a 308-hectare undeveloped land bank. This business combination has seen AIA deliver very consistent earnings growth over the last decade yet the business remains relatively unknown among the Australian investment community and trades at a 10% discount to Sydney Airport on forecast earnings.