Govt sells Port of Brisbane for $2.7b

Photo / NZ Herald

The Port of Brisbane has been sold to the Q Port Holdings Consortium for A$2.1 billion ($2.7 billion) under the Queensland Government's asset sales programme.

Treasurer Andrew Fraser signed papers to make the sale official yesterday afternoon.

He said the consortium beat one other bidder for the 99-year lease of the port.

Infratil New Zealand was reported to be a bidder but pulled out.

Fraser said the deal represented value for taxpayers with the new owner agreeing to fund an upgrade of the Port of Brisbane motorway for A$200 million.

"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," Fraser said.

"By achieving this value-for-money transaction, taxpayers will also avoid expected infrastructure expansions of the port worth up to A$1 billion."

Q Port Holdings includes major stakeholders Global Infrastructure Partners, Industry Funds Management and funds managed by QIC Ltd and a minority stake held by Tawreed Investments - a wholly owned subsidiary of the Abu Dhabi Investment Authority.

The state Government's assets sell-off has been blamed for its falling popularity.

The Opposition claims the Government hoodwinked voters by announcing the sales shortly after winning the 2009 election.

- AAP