New NSW port owners move in

Newly-created NSW Ports has assumed management of Port Botany in Sydney and Port Kembla in Wollongong through 99-year lease agreements.
A consortium led by Industry Funds Management and including Tawreed Investments Limited, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, won the leases in a competitive bidding process finalised earlier this year.

NSW Ports managing director Tim Blood said the company was looking forward to managing these gateway assets and providing certainty for the users of the ports. “It will be business as usual as we get on with the job of working with staff, shipping lines, port users, local communities and government agencies in managing two of Australia’s most important import and export facilities,” he said.

Around 50 staff from Sydney Ports Corporation and Port Kembla Ports Corporation have chosen to transfer over to the new company.