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Thu 11 Nov 2010 09:12 AM

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Queensland sells $2.1bn port to Abu Dhabi-linked group

Port of Brisbane sold to a consortium including Global Infra Partners, Abu Dhabi Investment Authority

Queensland sells $2.1bn port to Abu Dhabi-linked group
Port of Brisbane has been sold to a consortium including Abu Dhabi Investment Authority. (Bloomberg)

Queensland agreed to sell the Port of Brisbane to a group including Global Infrastructure Partners and Abu Dhabi Investment Authority, raising A$2.1bn ($2.1bn) in cash to replace income lost to the financial crisis.

Q Port Holdings Consortium, which also includes investment group Industry Funds Management, agreed to buy a 99-year lease, Queensland Treasurer Andrew Fraser said in a statement.

The state government is selling roads, a coal terminal and its coal-freight rail network to make up an estimated A$14 billion revenue shortfall during the global recession. Fraser said Wednesday's sale means Queensland taxpayers will escape a A$1bn bill for infrastructure upgrades at the port.

“The consortium has interests in port terminals across eight countries and it has the right credentials for owning and operating the port,” Fraser said in the statement.

Global Infrastructure Partners is a $5.64 billion infrastructure investment fund founded by Credit Suisse Group AG and General Electric Co, according to its website.

That group, Industry Funds Management and funds managed by QIC Ltd., each own about 27 percent of Q Port Holdings, the state government said. Abu Dhabi Investment Authority owns the remaining stake of about 19 percent, the government said.

Queensland said last month it planned to raise as much as A$5.05bn selling shares of coal-train operator QR National Ltd. in Australia’s largest initial public offering in more than a decade.

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