Deal clinched for sale of Brisbane port

News Story
- 11 Nov 2010 ( #487 ) - Brisbane, Queensland, Australia
1 min read
The deal represents $2.3 billion worth of value to Queensland.
The deal represents $2.3 billion worth of value to Queensland.
The successful sale of the 99-year lease of the Port of Brisbane was announced this week, with the state to receive $2.1 billion for the lease.

In addition, the buyer, Q Port Holdings, will take responsibility for future upgrades of section 3 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 Queensland.

Q Port Holdings includes major stakeholders Global Infrastructure Partners, Industry Funds Management and funds managed by QIC Limited , and a minority stake held by Tawreed Investments Ltd., a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

"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 treasurer Andrew Fraser.

"By achieving this value-for-money transaction, taxpayers will also avoid expected infrastructure expansions at the port worth up to $1 billion.

By leasing the port, Queensland will retain ownership of the port land and key infrastructure such as the port's wharves and multimodal terminal - but transfer the expense and risk of operating a commercial shipping port to the private sector.
Previously about:
One-stop shop pioneered for Oz port News Story - 16 Feb 2006 - BRISBANE, Australia - 1 min read
Port of Brisbane continues growth News Story - 24 Nov 2005 - BRISBANE, Australia - 2 min read
PATRICK GOES ALL THE WAY WITH UNMANNED STRADDLES News Story - 6 Nov 2003 - BRISBANE, Australia - 1 min read
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