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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US