The NSW Government announced its plan on 12 May 2017 to help fund the final stage of Australia’s largest transport infrastructure project, WestConnex - the critical M4-M5 Link connecting two of Sydney’s busiest motorways - by the sale of a majority stake in the company delivering WestConnex.
The Government will launch a competitive trade sale later this year, calling for expressions of interest in at least 51 per cent of Sydney Motorway Corporation (SMC) and its subsidiaries which hold the toll road concessions for WestConnex.
The Government expects this transaction to receive substantial interest from local and international investors.
The transaction is targeted to close in mid-2018.
The NSW Government has a proven track record of asset recycling in NSW and will ensure the M4-M5 Link can be delivered as promised.
SMC was established by the State to finance WestConnex by incorporating an initial investment by the State alongside Commonwealth and private sector debt supported by toll revenue. This financing strategy was established to enable the State to recycle its equity investment in SMC by effectively using the sale proceeds from the initial stages to help fund the final stage.
The transaction forms part of the Government’s core strategy to build budget strength while delivering a once-in-a-generation infrastructure pipeline that creates jobs and drives economic growth.
Cobbora Holding Company Pty Limited
In late 2015 the Treasurer announced that the Government would cease the transaction process for the Cobbora Coal Mine and sell about 44,000 hectares of land for agricultural use. In addition, the water entitlements held by Cobbora Holding Company Pty Limited are being sold.
The sale process commenced in late 2016, with the 3,311ML of high security water licences sold for $14.4m. The land is being sold by public auction, in phases, with the first auctions undertaken in December 2016. The remaining land is being sold through a series of auctions taking place through 2017.
All sale proceeds are being directed to Restart NSW, to be invested into new infrastructure across the State.
Further information can be found at http://www.cobbora.com.au/