Stonepeak, an alternative investment company specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, announced the successful completion of their previously announced acquisition of Australia’s GeelongPort Pty Limited (GeelongPort).
What is GeelongPort a crucial portfolio addition?
As per the agreement, Stonepeak, on behalf of its managed funds and accounts, holds a majority 70% interest and Spirit Super has a 30% stake. GeelongPort is a diversified landlord port that is strategically positioned and critical to Victoria’s economy as the region’s second largest port. Located in Geelong, and situated about 75km southwest of Melbourne, the port manages over A$7 billion of trade and supports more than 1,800 jobs across the state.
In addition, GeelongPort also offers easy access to logistics routes for trade through critical road, rail, air, and channel connections for Geelong and south-west Victoria’s supply chains.
What does this mean for Stonepeak and Spirit Super?
“Closing this transaction marks another exciting milestone in the history of GeelongPort as it continues to serve its customers and the greater community of Victoria while playing an integral role in global trade,” said Darren Keogh, Senior Managing Director at Stonepeak.
“We believe GeelongPort has access to a meaningful opportunities for long-term growth, and we look forward to working with its team as we help them realize those opportunities while continuing to invest in existing objectives and supporting continued growth in the region.”
“We’re delighted to complete the acquisition of GeelongPort and to be partnering with Stonepeak going forward,” said Dr. Ross Barry, Chief Investment Officer at Spirit Super.
“Our investment in the port reflects Spirit Super’s strong commitment to investing in compelling opportunities across regional Australia,” Dr. Ross Barry further commented.