La Caisse de dépôt et placement du Québec has announced the acquisition of a 26.7% stake in the Port of Brisbane in Australia's Queensland.

Macky Tall, Senior Vice-President, Infrastructure, at La Caisse, said:

This investment, made with a long-term view, gives us the opportunity to step up our presence in Australia, a resilient market. It also contributes to the diversification of our portfolio, from both geographic and sector standpoints.

Several sources indicated that Global Infrastructure Partners agreed to sell its stake in the Port of Brisbane to Caisse de Depot et Placement du Quebec for more than A$1 billion (US$908 million).

The transaction is expected to close by December 18, 2013.

Industry Funds Management (26.7 %), Brisbane-based fund manager QIC (26.7 %) and Abu Dhabi Investment Authority (19.9 %) also have stakes in the asset. Global Infrastructure Partners had acquired the stake in the asset in 2010 through a 99-year lease with the Queensland government for A$2.3 billion in 2010.

The Port of Brisbane is the most diversified product base of all of Australia's capital city ports and it is the country's third-largest container port. The port handles in excess of  37 million tonnes/year of international cargo valued at around $50 billion. The Port of Brisbane is the closest major container port to the country's largest export market in the Asia Pacific Rim.