New NSW premier Mike Baird finds his Port of Newcastle buyer

New NSW premier Mike Baird finds his Port of Newcastle buyer
New NSW premier Mike Baird finds his Port of Newcastle buyer

The Hastings Funds Management syndicate has won the NSW state government tender for the Port of Newcastle.

It was announced by the NSW Premier Mike Baird who sought offers in his 2013 budget.

The Hastings partner, China Merchants Group, is a state owned corporation of People's Republic of China.

The syndicate will pay $1.75 billion for the port, with the proceeds to split between the Restart NSW infrastructure fund and the Newcastle city centre redevelopment.

Five final bids were received for the Newcastle port, the world's largest coal terminal.

It has been forecast to have $69 million earnings before interest, tax, depreciation and amortisation in the 2013-14 financial year.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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