Australia: The Queensland state government has announced the sale of the 99-year lease of the Port of Brisbane to the Q Port Holdings Consortium has been completed.
The state of Queensland will receive total consideration valued at AU$2.1 billion (US$2.103 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 AU$200 million (US$200.3 million).
In total, the deal represents AU$2.3 billion (US$2.303 billion) worth of value to the state, which comes at a time when the state government is embarking on a privitisation schedule to reinforce its depleted budget.
Q Port Holdings includes major stakeholders Global Infrastructure Partners (GIP), Industry Funds Management (IFM) and funds managed by QIC, and a minority stake held by Tawreed Investments, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
"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," said Queensland Treasurer, Mr Andrew Fraser.
"By achieving this value-for-money transaction, taxpayers will also avoid expected infrastructure expansions at the Port worth up to AU$1 billion (US$1.01 billion).
GIP, IFM and QIC each hold equal stakes of circa 27 percent, with the remaining minority stake held by ADIA.
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.