Investors bet $7.3b on No 1 port in Australia

A group of global investors including QIC Ltd agreed to pay A$9.7 billion ($7.3 billion) to run Australia's busiest maritime hub for 50 years, betting on steady income from the port's daily stream of containers and new cars.

QIC teamed up with Australia's sovereign wealth fund the Future Fund, Global Infrastructure Partners and Canadian pension manager Omers to run the Port of Melbourne, the group said in a statement on Monday. The port handles about 2.6 million containers annually and more than 1,000 vehicles a day.

The bid topped the Victoria state government's estimate of A$7 billion. Across Australia, state-run asset sales are fetching higher-than-expected prices as yield-hungry fund managers search for recurring revenue from infrastructure businesses.