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Queensland Sells $2.1 Billion Port to GIP, Abu Dhabi

Nov. 10 (Bloomberg) -- Queensland agreed to sell the Port of Brisbane to a group including Global Infrastructure Partners and Abu Dhabi Investment Authority, raising A$2.1 billion ($2.1 billion) in cash to replace income lost to the financial crisis.

Q Port Holdings Consortium, which also includes investment group Industry Funds Management, agreed to buy a 99-year lease, Queensland Treasurer Andrew Fraser said in a statement.

The state government is selling roads, a coal terminal and its coal-freight rail network to make up an estimated A$14 billion revenue shortfall during the global recession. Fraser said today’s sale means Queensland taxpayers will escape a A$1 billion bill for infrastructure upgrades at the port.

“The consortium has interests in port terminals across eight countries and it has the right credentials for owning and operating the port,” Fraser said in the statement.

Global Infrastructure Partners is a $5.64 billion infrastructure investment fund founded by Credit Suisse Group AG and General Electric Co., according to its website.

That group, Industry Funds Management and funds managed by QIC Ltd., each own about 27 percent of Q Port Holdings, the state government said. Abu Dhabi Investment Authority owns the remaining stake of about 19 percent, the government said.

Queensland said last month it planned to raise as much as A$5.05 billion selling shares of coal-train operator QR National Ltd. in Australia’s largest initial public offering in more than a decade.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

To contact the editors responsible for this story: Iain Wilson at iwilson2@bloomberg.net; Philip Lagerkranser at lagerkranser@bloomberg.net

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