Port of Brisbane fetches $2.3 billion

THE Queensland Government has sold the Port of Brisbane to a consortium led by Industry Funds Management and the Queensland Investment Corporation for $2.3 billion.

Under the deal, expected to be announced today, the consortium has acquired a 99-year lease over the port.

The consortium does not include Macquarie Group, as reported elsewhere. But it is believed the merchant bank acted as advisers on the deal.
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An industry fund was also part of the losing consortium, made up of Morgan Stanley and UniSuper. Final bid submissions closed at the end of last month, with two full bids reportedly lodged after Indian group Adani decided not to participate.

The privatisation of the port is part of a program of asset sales, including the float of QR National, that the Bligh Government hopes will raise $15 billion.


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