PORT OF BRISBANE SELLS FOR $2.3 BILLION

Written on the 18 November 2010

PORT OF BRISBANE SELLS FOR $2.3 BILLION

THE Port of Brisbane has sold for $2.3 billion to a multinational consortium including the Queensland Investment Corporation (QIC).

Melbourne-based Industry Funds Management (IFM), New York-based Global Infrastructure Partners (GIP) and QIC will each hold a 27 per cent stake in the company, with Abu Dhabi-owned Tawreed Investments holding 19 per cent.

Queensland Treasurer Andrew Fraser says the $2.1 billion for the 99-year lease will go to a Consolidated Fund, with the new owner agreeing to upgrade section 3 of the Port of Brisbane Motorway, which will cost around $200 million.

“The signing of the deal represents $2.3 billion worth of value to the Queensland taxpayer with the future development of the Port now the responsibility of a quality consortium,” says Fraser.

“We are in the marketplace for the upgrade of the Port of Brisbane Motorway up to Pritchard Street now and this deal will deliver the next extension of this state owned road.

“This is a quality group of investors with the skill and balance sheet to ensure the future development of the port. It includes leading players in port and airport operations and two of Australia’s largest superannuation fund managers.”

Earlier this month RBS Morgans analysts indicated expectations that Brisbane-based Seymour Whyte Limited (SWL) would win the tender for the Port of Brisbane Motorway project.

As part of the Bligh Government asset sell-off,  Forestry Plantations Queensland was sold to the US-based firm Hancock Timber for $600 million earlier this year. It is part of the State Government’s $15 billion plan to break down debt.

A $7 billion float of rail company QR National is also underway, as well as the sell-off of the Abbot Point Coal Terminal.


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