The Port of Melbourne has been sold for $9.7 billion, which is well over the expected price, in a 50-year lease to the Lonsdale consortium, the Victorian Government has announced.
The consortium includes the Queensland Investment Corporation, the Future Fund, and Global Infrastructure Partners.
Legislation to lease the port passed the State Parliament in March, after months of political wrangling.
The Government had initially expected it to fetch $6 billion.
“To say this is a good day and this is a pleasant surprise is understatement,” Treasurer Tim Pallas said.
The proceeds of the deal will pay for the Government’s promise to remove 50 of the state’s worst railway level crossings.
Mr Pallas said $900 million would also go towards regional infrastructure and $200 million for agriculture and the rural jobs fund.
Premier Daniel Andrews said the sale was a “massive” vote of confidence for Victoria’s economy.