MELBOURNE, AUSTRALIA: Stonepeak and Spirit Super have signed a definitive settlement to acquire 100% of Australia’s GeelongPort Pty Limited.
Stonepeak is a number one alternative funding agency specialising in infrastructure and actual assets with roughly US$51.7 billion of assets under management. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London, and Sydney.
Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super. As an industry fund for hard working Australians, they’re focused on rising membership in rural and regional Australia. Spirit Super has over 324,000 members and $25 billion in funds under management.
GeelongPort is Victoria’s second largest port located roughly seventy five kilometers southwest of Melbourne inside Victoria’s largest regional city, Geelong.
Under the phrases of the agreement, Stonepeak, on behalf of its managed funds and accounts, will maintain a majority 70% curiosity inside the entity and Spirit Super will have a 30% stake.
GeelongPort is a diversified landlord port and a main driver of Victoria’s economy, managing over A$7 billion of commerce and supporting greater than 1,800 jobs throughout the state.
Stonepeak and Spirit Super’s long-term funding horizon and strong focus on operations will, in our view, support GeelongPort in its continued efforts to develop and deepen relationships with key customers and enterprise partners. For over 150 years, GeelongPort has performed a fundamental role inside the Victorian economy with operations underpinned by long-dated, blue-chip private and non-private contracts, together with the Spirit of Tasmania operated by TT Line.
GeelongPort comprises 15 berths over two primary precincts, Corio Quay and Lascelles Wharf, offering land, infrastructure, and services to facilitate commerce for a few of Victoria’s largest businesses. GeelongPort handles near 12 million tonnes of cargo and greater than 600 vessel visits every year.
“As a high-quality landlord port with operations that are critical to Australia’s economy, GeelongPort is a pure match for Stonepeak’s core infrastructure strategy,” said Darren Keogh, Senior Managing Director at Stonepeak.
“It is a extremely contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are much extra compelling when coupled with the port’s significant alternatives for long-term growth through additional development to meet future import-export demand inside the region. We look ahead to working closely with the GeelongPort team to assist additional their objectives and make investments behind this integral component of the Victorian economy.”
“We are excited for what our funding will imply for the long-term growth of GeelongPort and happy that members will now personal a direct stake in a single of Australia’s largest regional infrastructure assets,” said Ross Barry, Chief Investment Officer at Spirit Super.
“As the fund for hard working Australians, a key funding focus for the fund has been regional Australia, the place we believe there is strong potential for long-term growth.”
The transaction is anticipated to shut towards the finish of the primary quarter of 2023, topic to customary regulatory approvals.