Global Infrastructure Partners (GIP) has received bids for its 26.7 % stake in Australia's third-largest container port, the Port of Brisbane. Industry Funds Management (IFM) and Canada's Borealis Infrastructure may have made a bid for the stake, according to the Australian.

The source stated that indicative bids were due last week and that the sale process may take another 12 weeks.

The port is currently owned by Global Infrastructure Partners (26.7 %), Industry Funds Management (26.7 %), Brisbane-based fund manager QIC (26.7 %) and Abu Dhabi Investment Authority (19.9 %). The group acquired the asset in 2010 through a 99-year lease with the Queensland government for A$2.3 billion in 2010.

According to the source, the deal for GIP's 26.7 % stake could be value  as much as A$900 million. This amount would generate a substantial return after GIP paid A$575 million for its stake back in 2010. This would mean a 47 % increase over its sale price three years ago.

In another deal, a consortium led by IFM, in April, paid $5.1 billion for the 99-year lease for NSW's Port Botany and Port Kembla, or 25 times earnings. In contrast, Port of Brisbane was sold at a multiple of 17 times back in 2010. This evidence the increasing interest of institutional investors for infrastructure assets.

Buying GIP's stake has a great incentive for current shareholders, IFM and QIC, who could double its shareholding in the port to 53.4 % and would be able to exercise control over the asset.

IFM has already made an offer to GIP. But GIP decided to solicit bids from other parties and hired Morgan Stanley to run the deal.

After last year raising a record $US8.25 billion for its second fund, GIP is looking to realize some assets in its first fund.

The Port of Brisbane is Queensland's largest general cargo and container port. Between July 2012 and May 2013, it handled 34 million tonnes of cargo, including 983,000 TEUs.