The Treasurer of Victoria, Tim Pallas, announced the state that has reached financial close on the USD 9.7 billion lease of the Port of Melbourne.
The deal had been finalised on October 31. The port has been acquired by the Lonsdale Consortium, which comprises of the Future Fund, QIC, GIP and OMERS. Consortium partner the Future Fund is the Australian Government’s sovereign wealth fund. OMERS is a Canadian pension fund with private and public interests in real estate and infrastructure around the world. QIC adds its share of the Port of Brisbane to a portfolio which already includes a 26.7% stake in the Port of Brisbane.
Lease proceeds will go to the Victorian Transport Fund to support projects like removing 50 worst level crossings, building Melbourne Metro, the Western Distributor and other important transport initiatives. The Fund will also support projects that help relieve traffic congestion and improve access to the port.
Victorian ports minister Luke Donnellan said the consortium’s ongoing investment in the Port of Melbourne will consolidate its position as the biggest container and cargo port in the country.
“The ongoing development of the Port of Melbourne will enhance its reputation as the leading port in Australia. The lease of the Port of Melbourne will deliver enduring economic benefits to all Victorians,” Donnellan said.
The Lonsdale Consortium announced the appointment of Brendan Bourke as incoming CEO of Port of Melbourne to be effective from financial close of the 50 year lease transaction with the Victorian Government.
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