GIP, QIC, ADIA pick up $2.3 billion Brisbane port franchise
Q Port Holdings, a consortium comprising US infrastructure firm Global Infrastructure Partners, Australia's Industry Funds Management, funds managed by the Queensland Investment Corporation (QIC), and Tawreed Investments Ltd., a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), has won a 99-year lease for the Port of Brisbane from the Queensland state government for $2.1 billion ($2.1 billion) in cash.
The new consortium owner has also agreed to fund a future upgrade of a section of the port's motorway for a further A$200 million ($200 million). Queensland Treasurer Andrew Fraser said in a statement that, "the signing of the deal represents A$2.3 billion worth of value to the Queensland taxpayer with the future development of the port now the responsibility of a quality consortium."
The bid was backed by c. A$1.25 billion ($1.25 billion) of debt from lenders including ANZ, BBV,BNP Paribas, Credit Agricole CIB, National Australia Bank, Natixis, Sumitomo Mitsui Banking Corporation and WestLB WDLG.UL, with Morgan Stanley Infrastructure Partners and Australian pension fund UniSuper also bidding for the franchise, according to a Reuters report. RBS and Merrill Lynch acted as financial advisor to the Queensland government on the deal.
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