Melbourne port sold for higher-than-expected A$9.7b

Sydney

CHINESE and Australian sovereign wealth funds, along with other investors, on Monday said they will take Australia's busiest port private for a higher-than-expected A$9.7 billion (S$9.98 billion), a sign that tough equity markets are fuelling appetite for infrastructure.

The group of global investors including QIC Ltd will run Australia's busiest maritime hub for 50 years, betting on steady income from the port's daily stream of containers and new cars. Brisbane-based QIC teamed up with Australia's sovereign wealth fund the Future Fund, Global Infrastructure Partners and Canadian pension manager Omers to run the Port of Melbourne, the group said in a statement on Monday.