THE Queensland Government has signed documents for the 99 year lease of the Port of Brisbane, the third largest port in Australia, to the Q Port Holdings Consortium.
The sale delivers a A$2.1 billion in cash proceeds to the State of Queensland. Q Port also agrees to fund the future upgrade of part of the Port of Brisbane Motorway at an estimated cost of A$200 million.
Minter Ellison is the sole legal adviser to the Queensland Government, while Mallesons advised the financiers to the Consortium. Allens Arthur Robinson acted for Q Port Holdings.
Andrew Rentoul, a Brisbane-based corporate partner, led the Minters team in Brisbane, with property partners Cameron Charlton and David Stevens, corporate partner Franki Ganter, employment partner Dan Williams, competition and regulatory partner Justin Oliver and native title partner Scott Singleton.
The Mallesons team, led by partners Jeff Clark and David Bell, advised the financiers to the consortium.
The privatisation of the port is part of a program of asset sales, including the float of QR National and the sale of Forestry Plantations Queensland, both of which Mallesons acted on.
Collectively the consortium has interests in port terminals across eight countries.
The State retains ownership of the port land and key port infrastructure but transfers operating risk to the private sector.