Spirit Super and Palisade Investment Partners Acquire Geelong Port

Posted on 01/04/2022

Spirit Super and Palisade Investment Partners reached agreement to jointly acquire a 100% interest in GeelongPort from Brookfield Asset Management and SAS Trustee Corporation Pty Ltd. The consortium is comprised of long-term Australian investors, with Spirit Super holding a 51% interest and Palisade Investment Partners holding a 49% interest. The acquisition price was A$ 1.2 billion.

GeelongPort is a diversified bulk seaport located around 70 kilometers southwest of Melbourne. It is Victoria’s largest bulk port managing circa 24% of the State’s seaborne trade. The port is characterized by a mature and diversified trade profile, including a range of bulk commodities, and will soon host the Spirit of Tasmania ferry service. The transaction is expected to reach financial close in the first quarter of 2022.

SAS Trustee Corporation (STC) is otherwise known as State Super.

The Consortium were advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor.

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