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.
The financial and legal advisers will be involved in all aspects of the lease transaction on behalf of the State, including project management, structuring for the transaction, due diligence, valuation and asset preparation. These advisers will play a key role in driving the transaction to maximize the outcome for Victorians.
“Today’s announcement is an important step in securing the best value for Victorians through a medium-term lease of the Port of Melbourne, ” Treasurer Michael 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 firms we have selected have world class experience in managing these transactions.”
Mr O’Brien said the appointments followed a competitive tender process, which included high quality proposals from some of the world’s most experienced financial and legal firms.
“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. The only threat to getting the best value for money for the Port of Melbourne is Daniel Andrews and the Labor Party. Daniel Andrews and Labor have threatened to lease the Port of Melbourne for 99 years, locking up valuable land and not delivering the best financial return for Victorians ,” Mr O’Brien said.
“Daniel Andrews should get behind the Coalition Government’s strategic plan for a medium-term lease of the Port of Melbourne and support our record $27 billion investment in job creating infrastructure projects.”
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Press Release, August 13, 2014