Botany and Kembla ports privatised for $5.07 billion

Twitter
Facebook
LinkedIn
Email
  • 99-year lease of state-owned ports awarded to NSW Ports Consortium

The government of New South Wales (NSW), Australia, has accepted a multi-billion bid from the NSW Ports Consortium to privatise two of the country’s biggest ports – earning the state as much as $4 billion in the process.

Following a six-month bidding process, the 99-year lease of Port Botany and Port Kembla has been awarded to the NSW Ports Consortium, comprising of Australian firms Industry Funds Management (IFM), Australian Super and QSuper, and Tawreed Investments, for $5.07 billion, with net proceeds, estimated at around $4 billion, to be invested in the NSW Government’s infrastructure fund (Restart NSW).

“This is an outstanding result for the people of NSW, which has exceeded our expectations,” said NSW treasurer, Mike Baird.

“It is the largest ever NSW government transaction, in terms of net proceeds. This is a massive boost to our delivery of our record infrastructure program across the state,” said Mr Baird.

Baird added that the funds will help to realise the much delayed $1.8 billion WesConnex motorway between the M4 and Port Botany.

The NSW Government will retain regulatory oversight of the ports as well as responsibility for a range of important maritime safety and security functions, including the role of Harbour Master and pilotage.

The transaction is expected to close on May 31st 2013.
 

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.
FREE

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.