PORT OF BRISBANE SELLS FOR $2.3 BILLION

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

In a sign that the heat has yet to come out of the Gold Coast prope...

Mandatory COVID isolation to end nationally mid-October

Mandatory COVID isolation to end nationally mid-October

National Cabinet has today determined that mandatory isolation peri...

Sunset on the horizon in 2023 for developer Sunland

Sunset on the horizon in 2023 for developer Sunland

A developer behind some of the Gold Coast's most iconic buildin...

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Brisbane-based electric vehicle charger group Tritium DCFC (NASDAQ:...