Queensland Government announces successful Port of Brisbane Transaction
The Queensland Government press release states, “Treasurer Andrew Fraser today announced the signing of documents for the 99 year lease of the Port of Brisbane to the Q Port Holdings Consortium. Q Port Holdings includes major stakeholders Global Infrastructure Partners (GIP), Industry Funds Management (IFM) and funds managed by QIC Limited (QIC), and a minority stake held by Tawreed Investments Ltd., a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The sale delivers $2.1 billion in cash proceeds to the Consolidated Fund as well as the new owner agreeing to fund the future upgrade of section 3 of the Port of Brisbane Motorway, at an estimated cost of $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,” Mr Fraser said.
“By achieving this value-for-money transaction, taxpayers will also avoid expected infrastructure expansions at the Port worth up to $1 billion.
“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.
“GIP, IFM and QIC each hold equal stakes of circa 27%, with the remaining minority stake held by ADIA.””
Read more: Press Release
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