Spirit Super has announced the acquisition of GeelongPort alongside alternative investment firm Stonepeak.
The $25 billion super fund would hold a 30 per cent stake while Stonepeak would hold majority interest.
The acquisition was previously announced in November 2022 and was understood to be worth about $1.1 billion, according to the Australian Financial Review.
GeelongPort was the region’s second-largest port and managed more than $7 billion of trade.
Additionally, it provided easy access to logistics routes for trade through critical road, rail, air, and channel connections for Geelong and south-west Victoria’s supply chains.
“We’re delighted to complete the acquisition of GeelongPort and to be partnering with Stonepeak going forward,” said Dr Ross Barry, chief investment officer at Spirit Super.
“Our investment in the port reflects Spirit Super’s strong commitment to investing in compelling opportunities across regional Australia.”
Darren Keogh, senior managing director at Stonepeak, said closing this transaction marked an “exciting milestone”.
“We believe GeelongPort has access to a meaningful set of opportunities for long-term growth, and we look forward to working with the GeelongPort team as we help them realise those opportunities while continuing to invest in existing objectives and supporting continued growth in the region,” he said.
The GeelongPort acquisition would follow a growing trend in alternatives assets among super funds. Earlier this year, UniSuper had announced the expansion of its industrial property portfolio with the acquisition of a 13-hectare property in Yarraville, Victoria.
Funds had also announced expansions into new avenues such as affordable housing, with HESTA announcing a $240 million investment towards the launch of Super Housing Partnerships (SHP) and Cbus committing $500 million towards affordable housing through the Housing Australia Future Fund as part of the National Housing Accord.
