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Consortium buys Brisbane Port for US$2bn

Consortium buys Brisbane Port for US$2bn

Comprising of four of infrastructure investors, the Q Port Holdings consortium 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).

In the deal the State will receive a total of A$2.1bn (US$2bn) for the lease. In addition the buyer will take responsibility for future upgrades of section 3 of the Port of Brisbane motorway, at an estimated cost of A$200m (US$195m).

“The signing of the deal represents A$2.3bn [(US$2.2bn)] worth of value to the Queensland taxpayer with the future development of the Port now the responsibility of a quality consortium,” State Treasurer Andrew Fraser said.

“By achieving this value-for-money transaction, taxpayers will also avoid expected infrastructure expansions at the Port worth up to A$1bn (US$973m)”, he said, adding that the deal would deliver the next extension upgrade of the state-owned motorway.

GIP, IFM and QIC each hold equal stakes of circa 27%, with the remaining minority stake held by ADIA. Collectively the consortium has interests in port terminals across eight countries, which Fraser described as giving the consortium “the right credentials for owning and operating the Port into the future”.

“Two of the four members, IFM and QIC, are also shareholders in the Brisbane Airport, demonstrating their faith in the economic development of the Australia Trade Coast precinct of which the Port of Brisbane is a key component,” he said.

“These investors are voting with confidence in the future of the South-East corner’s economy by increasing their exposure to its transport requirements.”

Queensland State will retain ownership of the Port land and key infrastructure such as the Port’s wharves and multimodal terminal. Additionally, it will retain the role of Harbour Master and continue its responsibilities in relation to safety, security and the movement of ships within the Moreton Bay shipping channel and Brisbane River.