Melbourne, 4 January 2022: State Super (SAS Trustee Corporation) and Brookfield have today announced an Australian consortium comprised of Spirit Super and Palisade Investment Partners as the acquirer of its 100% free-hold interest in GeelongPort. Spirit Super will hold a 51% interest in GeelongPort, with Palisade managed investors holding a 49% interest.
The Spirit Super and Palisade consortium is considered a responsible and capable custodian of the asset, with a long-term investment horizon, ports management expertise, and local knowledge to support its ownership of the Port of Geelong and contribute to the broader economic development of the Geelong region.
State Super CEO John Livanas says: “We’ve been pleased with the level of interest shown in the asset and bidders’ approach to valuation, and are satisfied that the agreement reached represents an excellent outcome for our members.”
“While bids for the port were submitted by a broad and well-credentialled field of investors, the Spirit Super and Palisade Investment Partners consortium was a clear stand-out given its sector expertise and long-term investment horizon.”
Brookfield Managing Director of Infrastructure Ray Neill says: “GeelongPort has been a terrific asset for our investors since 2016 and we are pleased to see it transition to Spirit Super and Palisade Investment Partners ownership. During our period of ownership, GeelongPort has materially grown earnings and diversified trade mix through the execution of new contracts and extension of existing contracts. Under the guidance of its experienced leadership team, GeelongPort has developed into a large, independent landlord port with a strong sustainability focus and growth outlook. GeelongPort will continue to play a key role as a critical infrastructure asset within Victoria for decades to come.”
For further information please contact:
Grace McCarthy
gmccarthy@gracosway.com.au
0422 558 112
Catherine Woods
catherine.woods@brookfield.com
0477 320 333
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About State Super State Super (SAS Trustee Corporation) and its predecessor schemes have been active since 1919. It currently manages superannuation and pension schemes for past and present NSW government and public sector employees, and private companies. The schemes have around 100,000 members and assets totalling $42 Billion AUD as at 30 June 2020. State Super is located at 83 Clarence Street, Sydney, NSW, 2000.
About Brookfield
Brookfield Asset Management Inc. is a leading global alternative asset manager with more than US$625 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilising its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A, respectively.