GIP to sell $1.2 billion stake in Brisbane port
"The Australian" reported on Monday that Global Infrastructure Partners (GIP) may be exploring the sale of its 26.7 % stake in the Port of Brisbane, after acquiring the asset in 2010 for $2.1bn in a consortium with Industry Funds Management (IFM), Queensland Investment Corporation (QIC) and Abu Dhabi Investment Authority.
QIC and IFM each owns 26.7% of Port of Brisbane, with the remaining 19.9 per cent held by Adu Dhabi Investment Authority.
A consortium led by IFM, this year 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. This could lead to think that the asset stake could be sold at a higher price than in 2010. The fact that pension funds are showing substantial interest in infrastructure assets will probably increase the price as well.
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.
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