Australia Pacific Airports Corporation (APAC), in conjunction with the Launceston City Council, acquired the lease for Launceston Airport in May 1998. The Airport is majority Australian owned and is managed locally for the benefit of the region, echoing its logo tagline of "in the heart of Tasmania". APAC is a privately held corporation owned by institutional investors, predominantly superannuation/pension funds, managed or represented by the following 5 entities:- AMP; IFM Investors; Deutsche Australia Ltd.; Future Fund and Hastings Funds Management. The airport is a "sister" airport to Melbourne Airport, which is also owned by APAC, with both airports being operated under a 50 year long-term lease from the Federal Government, with an option for a further 49 years. The management team are committed to the long-term safe and secure operation of the airport and to enhancing the airport's reputation with customers and stakeholders, ensuring long term growth and increased market share in Tasmania air services. The airport has been named Australian Major Airport of the Year for the past three consecutive years (2015; 2016; 2017) by the Australian Airports Association (AAA) and currently handles more than 1.35 million passengers per annum.