Following a competitive tender process, the New South Wales (NSW) government has announced the successful lease of the Port of Newcastle to a consortium comprising Hastings Funds Management and China Merchants for AUD1.75bn (£960m). Minter Ellison advised NSW Treasury on the deal.
The outcome, which was described as a ‘momentous result that exceeded all expectations’, gives the government an extra AUD1.5bn to invest in NSW infrastructure.
The Port of Newcastle is the world’s largest coal export port, servicing more than 2,200 vessels carrying about 150 million tonnes of cargo in the past year.
The Minter Ellison team comprised infrastructure head Andrew Rentoul, M&A partner Costas Condoleon and major projects partner Virginia Briggs.