Minter Ellison has been appointed as legal adviser for the transaction.
“Today’s announcement is an important step in securing the best value for Victorians through a medium-term lease of the Port of Melbourne,” said Victorian Treasurer Michael O’Brien in a press release published this Wednesday.
The market process for the lease transaction will commence in early 2015.
The financial and legal advisers will be involved in all aspects of the lease transaction on behalf of the state of Victoria, including project management, structuring for the transaction, due diligence, valuation and asset preparation.
Mr O’Brien said that a medium-term lease would provide “the best value for money for the Port of Melbourne.” He has slammed the opposition Labor party for contemplating leasing the port for 99 years, “locking up valuable land and not delivering the best financial return for Victorians.”
Victoria’s Minister for Ports David Hodgett added that “the Coalition Government will continue to develop both the Port of Melbourne and Port of Hastings together, strategically.”