Logistics News

State Super and Brookfield agree to sell GeelongPort

The company operating the Port of Geelong has been sold to a consortium

Port operating company GeelongPort, who operates the Port of Geelong, has been sold.

State Super and Brookfield have signed binding agreements with a consortium comprising Stonepeak and Spirit Super for the sale and purchase of GeelongPort.

Under the terms of agreement, Stonepeak, on behalf of its managed funds and accounts, will hold a majority 70 per cent interest in the entity, with Spirit Super having a 30 per cent stake.

The consortium is a responsible and capable custodian for GeelongPort with a long-term investment horizon and a commitment to investing in regional Australia.

“We’ve been pleased with the level of interest shown in this high-quality, strongly performing asset,” State Super CEO John Livanas says.

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“GeelongPort’s importance to the local and state economies and future potential has been well recognised by the consortium’s approach. We believe the agreement represents an excellent outcome for our members.”

Brookfield Managing Director of Infrastructure Ray Neill says: “GeelongPort has been an excellent asset for our investors since 2016 and it is continuing to perform strongly.”

“Pleasingly, in October of this year, construction of the new dedicated facility for the Spirit of Tasmania concluded and daily sailings commenced. This is a transformational 30-year contract for GeelongPort and will provide a significant and ongoing boost to the broader Geelong region.”

The transaction will be subject to customary regulatory approvals. State Super and Brookfield expect to complete the transaction in late Q1, 2023.

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