Financial Times

By Peter Smith in Sydney
Published: November 10 2010 11:03 | Last updated: November 10 2010 11:03

Australia’s Queensland state government has sold the Port of Brisbane for A$2.1bn ($2.1bn) to a four-member team that includes New York-based Global Infrastructure Partners and the Abu Dhabi Investment Authority.

The consortium known as Q Port Holdings, which also includes Australian fund managers QIC and Industry Funds Management, won the auction against a competing team that included Morgan Stanley, the investment bank, and Unisuper, an Australian pension fund.

The sale, announced on Wednesday, comes as the Queensland government is selling a range of state assets, led by the proposed initial public offering of QR National, one of Australia’s biggest rail freight operators which hopes to raise as much as A$5bn later this month.

Other regional governments in Australia are also privatising businesses, particularly New South Wales which is selling electricity and power generation assets.

The Port of Brisbane had been expected to fetch as much as A$2.5bn. The new owners have also agreed to fund nearby roadworks at a cost of A$200m.

Full article here