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Abu Dhabi fund buys stake in Brisbane port

Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, has bought a minority stake in Australia's Port of Brisbane in a deal worth A$2.1 billion, (NZD$2.7 billion), according to the Trade website.

The report said ADIA was part of the Q Port Holdings consortium that included major stakeholders Global Infrastructure Partners, Industry Funds Management (IFM) and funds managed by QIC Limited that will take ownership of the port under a 99-year lease.

ADIA, through its wholly-owned subsidiary Tawreed Investments, took a 19% stake in the port while the remaining three funds hold a 27%-stake each.

'This is a quality group of investors with the skill and balance sheet to ensure the future development of the port. It includes leading players in port and airport operations and two of Australia's largest superannuation fund managers,' Andrew Fraser, treasurer and minister for employment & economic development, Queensland was quoted saying in a statement.

Collectively, the consortium has interests in port terminals across eight countries and two of them, IFM and QIC are shareholders in the Brisbane Airport.

ADIA, which has assets of USD$500 billion to $700 billion, holds stakes in London's Gatwick Airport and a long-term lease on Chicago's parking meters, among other high profile investments globally.

In March this year, ADIA published its first annual review providing details of its 2009 global portfolio that includes investments in more than two dozen asset classes and sub-categories. – Source: