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Corrs advised a member of the NSW Ports Consortium in successfully bidding for the 99-year lease of Port Botany and Port Kembla from the NSW State Government. The ports were leased to the NSW Ports Consortium for $5.07 billion with an annual lease payment of $5 million.
The assets represent two of Australia’s largest ports and are both essential to the primary import and export gateways to NSW. Port Botany is vital to the economy of Sydney and NSW as the only large-scale container handling facility. Port Kembla serves as a key export facility for coal and other bulk products and is Australia’s largest vehicle import facility.