Ports and Logistics
Private equity firm pays $7.29bn to privatise Melbourne port
QIC Private Capital has beaten out plenty of competition to buy the Port of Melbourne, paying A$9.7bn ($7.29bn) to take the port private via a 50-year lease.
“We believe this investment brings significant diversification benefits for our clients as a landlord port with a well-defined regulatory regime in a globally scarce infrastructure subsector,” QIC Global Infrastructure head Ross Israel said.
The move to privatise the port has not been received well by local dockworkers who have repeatedly protested Australia’s huge privatisation campaign. Melbourne is Australia’s largest container port.