The $5.07 billion transaction has seen NSW Ports assume management of the ports through 99-year lease agreements, after IFM won the leases in a bidding process earlier in the year.
IFM chief executive Brett Himbury said this is a significant investment in Australia’s infrastructure.
“Around five million Australians, including more than 1.5 million in New South Wales, will have a long-term investment through their superannuation in these vital facilities,” Mr Himbury said.
“It’s a terrific outcome that more than 80 per cent of the ownership is by Australian superannuation funds. It is a demonstration of Australians supporting key Australian infrastructure.”
IFM is a consortium which includes AustralianSuper, Cbus, HESTA, HOSTPLUS and Tawreed Investment Limited.
Roughly 50 staff from Sydney Ports Corporation and Port Kembla Ports Corporation have chosen to transfer over to NSW Ports.
Remaining staff will stay with the previous organisations to manage operations that are not transferring with the new ownership.
NSW Ports managing director Tim Blood said the arrangement will benefit NSW by providing certainty around infrastructure.
“NSW Ports is committed to the long-term sustainable development of the ports for the benefit of our shareholders and the people of NSW,” Mr Blood said.
“It will be business as usual as we get on with the job of working with staff, shipping lines, port users, local communities and government agencies in managing two of Australia’s most important import and export facilities.”
