The consortium of investors comprises the Future Fund, QIC, GIP and OMERS, who will formally sign the deal on October 31
Under the terms of the agreement, the consortium assumes lease control over the port’s commercial operations while the State of Victoria retains responsibility for the Harbour Master functions, Station Pier, safety and environmental regulation, waterside emergency management and the marine pollution response.
The announcement has been broadly welcomed by the maritime industry. Port of Melbourne Corporation Mark Birrell said it was a “great result for Australia’s largest maritime trade hub and reflects the port’s vital role in the State and national economies”.
Shipping Australia chief executive Rod Nairn said the deal would provide some stability on the way forward but expressed concern about the price paid and the potential effect on port user pricing.
“We’ll be watching the Essential Services Commission price monitoring process closely, as this will certainly be a good test,” he said.
Members of the Lonsdale Consortium have interests in other port ventures such as the Port of Brisbane, NSW Ports and Associated British Ports.