Mallesons has acted on the Queensland Government’s $2.3 billion sale of the Port of Brisbane to the Q Port Holdings Consortium.
Under the deal, the Consortium, led by Industry Funds Management, Queensland Investment Corporation and Global Infrastructure Partners, acquired a 99-year lease over the Port.
The sale delivers $2.1 billion in cash proceeds to the Consolidated Fund as well as the Consortium agreeing to fund the future upgrade of section 3 of the Port of Brisbane Motorway, at an estimated cost of $200 million.
The Mallesons team, led by Partners Jeff Clark and David Bell, advised the financiers to the Consortium.
“The statutory and contractual framework in which the Port operates meant that this would always be a complex acquisition. However, the strength and quality of the Consortium and the lender syndicate allowed the issues to be analysed and understood so that a competitive bid could be delivered to the State”.
The privatisation of the port is part of a program of asset sales, including the float of QR National and the sale of Forestry Plantations Queensland, both of which Mallesons acted on.
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