The consortium – made up of Industry Funds Management, AustralianSuper, Cbus, HESTA, HOSTPLUS and Tawreed Investments – has been named by the NSW government as the successful bidder for the 99-year leases of the two port facilities.

Port Botany and Port Kembla are essential infrastructure assets which serve as the primary import and export gateways to Australia’s largest economy and home to approximately one-third of the nation’s population.

Port Kembla, located in Wollongong, approximately 90km south of Sydney, is the country’s largest vehicle import facility and serves as a key export facility for coal and other bulk products.

“The consortium has acquired two high quality assets with considerable scope for future complementary development,” IFM infrastructure head Michale Hanna said.

“We are delighted to assume the responsible stewardship of these marquee infrastructure assets.

“Together, we are fully committed to the long-term sustainable development of both ports and to maintaining strong relationships with stakeholders, including local communities, customers, employees and governmental bodies.”

Hanna said IFM was well-placed to lead the consortium given its experience in global infrastructure investments and specifically in strategically important gateway assets such as ports and airports.

“The consortium members have proven track records as responsible long-term investors in infrastructure assets around the world,” he said.

“We will continue to operate the two ports according to international best practice standards and ensure they underpin the economic growth of the state.”

NSW Ports said it had developed a comprehensive plan to ensure a seamless transition of port operations.

The transaction is expected to close on May 31, 2013.

IFM chief executive Brett Himbury said the transaction would benefit the Australian economy and industry.

“Globally, it sets a strong precedent for using private investment to grow essential public infrastructure,” he said.

“Australia continues to be a leader in global infrastructure management and this is a good model for governments.”

“With over 80% ownership by Australian industry superannuation funds, the investment will benefit the superannuation savings of an estimated five million Australians – including more than 1.5 million in NSW.”