Spirit Super and Palisade to acquire GeelongPort from Brookfield and SAS Trustee

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Spirit Super and Palisade Investment Partners announced that they have reached agreement to jointly acquire a 100% interest in GeelongPort from Brookfield and SAS Trustee Corporation Pty Ltd. The Consortium is comprised of Spirit Super holding a 51% interest and Palisade Investment Partners holding a 49% interest.

GeelongPort is a diversified bulk seaport located ~70kms southwest of Melbourne. It is Victoria’s largest bulk port managing ~24% of the State’s seaborne trade. The port is characterized by a mature and diversified trade profile, including a range of bulk commodities, and will soon host the Spirit of Tasmania ferry service.

The transaction is expected to reach financial close in the first quarter of 2022. The Consortium was advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor.

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