US infrastructure giant Stonepeak and Australia’s Spirit Super have signed an agreement for GeelongPort.
Stonepeak will hold a 70 per cent interest in GeelongPort,with the $25 billion superannuation fund Spirit Super holding the remaining 30 per cent.
GeelongPort facilitates more than $7 billion in trade and manages almost 12 million tonnes of cargo a year,servicing the agriculture,construction,energy and tourism industries. The port operates across 90 hectares with 15 berths over two primary precincts and recently finished building a new facility for theSpirit of Tasmaniaferry,which sails between Tasmania and the mainland.
State Super chief executive John Livanas said the sale represented “an excellent outcome” for its members.
“We’ve been pleased with the level of interest shown in this high-quality,strongly performing asset,” Livanas said. “GeelongPort’s importance to the local and state economies and future potential has been well recognised by the consortium’s approach.”
A facility for the Spirit of Tasmania was recently built at GeelongPort.Credit:
The port,according toThe Australian Financial Review,wasset to be sold to Palisade Investment Partners this year before the deal was called off. State Super (SAS Trustee Corporation) and Brookfield’s LINX Cargo Care Group,currently each hold 50 per cent ownership of the port.
Spirit Super was also part of the proposed $1.2 billion Palisade deal.