The Australian state of Queensland has sold a 99-year lease on the Port of Brisbane to a consortium including the Abu Dhabi Investment Authority.
Q Port Holdings (QPH) comprises Global Infrastructure Partners (GIP), Industry Funds Management (IFM), QIC Global Infrastructure (QIC) on behalf of its managed funds and Tawreed Investments, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
Port of Brisbane is the third busiest in Australia
The members of the consortium currently own and manage infrastructure assets globally across various industry sub-sectors, including ports.
QPH is majority Australian owned.
Queensland treasurer Andrew Fraser said: “The State will receive total consideration valued at $2.1 billion for the lease.
“In addition the buyer, Q Port Holdings, will take responsibility for future upgrades of section three of the Port of Brisbane Motorway, at an estimated cost of $200 million.
“In total, the deal represents $2.3 billion worth of value to the state.”
The 99-year lease for the Port of Brisbane is expected to be transferred to QPH on or about November 30th 2010.
The consortium will work closely with the Queensland Government and the Port of Brisbane to complete the transaction and ensure a smooth transition from public to private management.
“Since the Queensland Government first announced the sale of the port in June 2009, we have been working through a comprehensive and challenging process to prepare the business for sale,” said Port of Brisbane chief executive Jeff Coleman.
“Our employees and our business performed extremely well throughout the entire period, and we have demonstrated the strength and diversity of our business, and the value this provides as a long term investment.”