Allens acts on disaster relief-focused Queensland divestment
2 June 2011
Allens Arthur Robinson (Allens) has advised the State of Queensland on the divestment of the X50 Abbot Point Coal Terminal, Queensland's northern-most coal terminal, which is the final part of the State's Renewing Queensland Plan. Proceeds from the divestment will be directed towards Queensland's natural disaster recovery.
The deal, which was completed on 1 June, involves a 99-year lease of the X50 Abbot Point Coal Terminal to Mundra Port Pty Ltd for $1.829 billion.
Mundra Port Pty Ltd is the Australian subsidiary of Mundra Port and Special Economic Zone Ltd, which developed, and now manages, the largest privately-developed port in India, and is part of Indian-based Adani Group.
As part of the new lease, the State will retain ownership of the port land and fixed infrastructure, including the jetty and wharf.
The Allens team was led by Partners John Greig and Chelsey Drake.
Ms Drake said that the transaction delivered proceeds well above initial expectations of $1.5 billion.
'The demand for assets like this is evidenced by the higher than expected price' Ms Drake said.
'It's also evidenced by the continued work on the separate development of Terminals 2 and 3 by preferred proponents, and the State's call for proponents to express interest in developing further Terminals 4 to 7 at the Port of Abbot Point.'
| Allens legal team | John Greig (Partner – Brisbane), Chelsey Drake (Partner – Brisbane), Ren Niemann (Partner – Brisbane), Liam Chambers (Senior Associate – Brisbane), Alex Feros (Senior Associate – Brisbane), Karla Drinkwater (Lawyer – Brisbane) and Damien Hughes (Lawyer – Brisbane) |
Ends
For further information, please contact:
- Susan CowenCommunications Coordinator,
Melbourne
Ph: +61 3 9613 8374
Susan.Cowen@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.