The Victorian Coalition Government has today 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.
“Today’s announcement is an important step in securing the best value for Victorians through a medium-term lease of the Port of Melbourne,” Mr O’Brien said.
“It is absolutely critical that we receive the best quality commercial advice when considering a lease of this size and scale.”
“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.
Minister for Ports David Hodgett said that a medium term lease of the Port of Melbourne supports the Coalition Government’s integrated ports strategy, which will meet the State’s long term container needs.
“It is vital that as part of leasing the Port of Melbourne the Coalition Government is able to continue developing the Port of Hastings to cater for Victoria’s long term freight needs,” Mr Hodgett 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,” Mr O’Brien said.
Press Release, August 13, 2014; Image: Port of Melbourne Corporation