Three of Australia's largest infrastructure investors have announced plans to bid for Port of Melbourne lease transaction.

According to sources, the three bidders are the following:

• IFM Investors with JPMorgan Chase & Co and Barclays Capital as financial advisors.
• Queensland Investment Corporation (QIC).
• A consortium composed by Hastings Funds Management Ltd and Kuwait sovereign fund Wren House Infrastructure Management with UBS as financial advisor.

In mid August the state of Victoria appointed joint financial advisers Morgan Stanley and Flagstaff Partners to manage the transaction. Minter Ellison was also appointed as legal adviser for the transaction. The financial and legal advisers will be involved in all aspects of the lease transaction on behalf of the State, including project management, structuring for the transaction, due diligence, valuation and asset preparation.

The Department of Treasury and Finance of the state of Victoria expects to fetch about A$5 billion ($4.26 billion) through the sale of the container port.

The Port of Melbourne is Australia's largest container port, accounting for 37 per cent of Australia's container trade. It is located in Melbourne,Victoria, and covers an area at the mouth of the Yarra River, downstream of Bolte Bridge, which is at the head of Port Phillip, as well as several piers on the bay itself.

Since 1 July 2003, the Port of Melbourne has been managed by the Port of Melbourne Corporation, a statutory corporation created by the State of Victoria.

Victoria faces no political obstacles to the Port of Melbourne sale, with both major parties supporting the move.