Advisers appointed for Port of Melbourne lease transaction
Date
August 15, 2014
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This article is part of a daily series of MegaProjects articles. If you want to know more about PPP projects with a considerable size visit our MegaProjects section. You can receive them by email on a daily basis.The state of Victoria (Australia) yesterday announced the appointment of financial and legal advisers to oversee the market process for a medium term lease of Australia's largest container port, the Port of Melbourne.
The Coalition Government has appointed joint financial advisers Morgan Stanley and Flagstaff Partners to manage the transaction. Minter Ellison has been 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. These advisers will play a key role in driving the transaction to maximise the outcome for Victorians.
Mr O'Brien, Treasurer in the State Government of Victoria, said the appointments followed a competitive tender process, which included high quality proposals from some of the world's most experienced financial and legal firms. He said:
"It is absolutely critical that we receive the best quality commercial advice when considering a lease of this size and scale. The firms we have selected have world class experience in managing these transactions.""The proceeds from the lease of the Port of Melbourne will support the delivery of the Coalition Government's record $27 billion infrastructure program that will create tens of thousands of jobs right across Victoria," Mr O'Brien said."The Coalition Government will continue to develop both the Port of Melbourne and Port of Hastings together, strategically, to ensure Victoria remains the freight and logistics capital of Australia.
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.
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