45.9.239.70

Stonepeak picks major Australian port as latest investment

12

Infrastructure and real assets investor Stonepeak has agreed a buyout of GeelongPort, the second largest port in the Australian state of Victoria.

Stonepeak will hold a majority 70% interest in the entity, with Australian pension fund Spirit Super controlling the remainder.

GeelongPort is a diversified landlord port, managing more than A$7bn of trade and supporting more than 1,800 jobs across the state.

Stonepeak said it believed the port’s location “makes it of high strategic significance”, as it provides easy access to logistics routes for trade through critical road, rail, air and channel connections for Geelong and south-west Victoria’s supply chains.

Firm senior managing director Darren Keogh said, “As a high-quality landlord port with operations that are critical to Australia’s economy, GeelongPort is a natural fit for Stonepeak’s core infrastructure strategy.

“It is a highly contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are even more compelling when coupled with the port’s meaningful opportunities for long-term growth through additional development to meet future import-export demand in the region.”

The transaction is expected to close towards the end of the first quarter of 2023.

Stonepeak agreed in May to make a €1bn minority investment in buyout-backed private school business Inspired Education Group. It also brought in Macquarie Capital’s former global co-head as a senior managing director and head of Europe.

The specialty buyout house hauled in a massive $14bn of commitments for Stonepeak Infrastructure Fund IV in February, and last year gathered $2.75bn for the hard cap close of its first renewables fund.

Copyright © 2022 AltAssets

Get the latest PE News & Research delivered to your inbox every morning