Bids have been submitted for a 50-year lease at the Port of Melbourne, Australia’s largest port, by three groups of international and Australian funds, according to Reuters.
At least US$4.1 billion aims to be raised by the Victorian government as part of plans to privatise ports.
A spokesman for the Victorian state treasurer said: “We expect strong market interest with Port of Melbourne the last major port in Australia (up for sale).”
Technical Paper: Governments and Ports: A Perfect Match?
This follows news that the Australian Labour Party had threatened to bypass the coalition government’s plans to block the sale of the Port of Melbourne.
DP World currently operates a terminal at the Port of Melbourne, and recently won a leasing battle that would prevent it from paying $60 million annually as part of the government’s privatisation plans.
DP World’s recent decision to expand its terminal in the Port of Melbourne has sparked the beginning of a number of capital investment projects from the company during 2016-2017.
