NSW Land and Titles registry sold for $2.6 billion by state government
The NSW Land and titles registry has been sold to a private consortium for a figure Premier Gladys Berejiklian said “exceeded expectations”.
NSW
Don't miss out on the headlines from NSW. Followed categories will be added to My News.
The NSW Land and Titles registry has been sold to a private consortium for $2.6 billion.
Premier Gladys Berejiklian confirmed the sale at a press conference today, describing it as “a phenomenal outcome for the people of NSW”.
“To say I’m thrilled is an understatement,” Ms Berejiklian said.
In a statement, she added: “Once again today’s result has significantly exceeded expectations.
“It means even more funding for the schools, hospitals, public transport and roads that people depend on every day.”
It comes after the state government received more than expected or the sale of “poles and wires” electricity firms TransGrid and Ausgrid.
The state government confirmed it will invest $1 billion of the land and titles registry proceeds in already promised upgrades to Parramatta and ANZ stadiums.
The remaining $1.6 billion will be used for other infrastructure projects, with at least 30 per cent to be invested in regional NSW.
OTHER NEWS
Eight per cent of the consortium is made up of Australian institutional investors, including First State Super, investment funds from Hastings Funds Management.
The remaining 20 per cent stake is held by the Royal Bank of Scotland Group’s pension fund.
The Land and Titles registry, formally known as the Land and Property Information service, handles property-related conveyancing services — basically the paperwork involved in buying or selling land and homes.
Treasurer Dominic Perrottet said the government “partnered with some of Australia’s most reputable investors who will make sure the people of NSW get the benefit of those advances”.
It is understood the transaction is for a 35-year lease, with the proceeds set to be ploughed back into new infrastructure.
The state government is also likely to confirm the long-term lease of electricity firm Endeavour Energy in coming weeks.
Chef charged after man stabbed multiple times
NSW Police were called to a seafood restaurant in Sydney, after a fight broke out between two employees. One man was allegedly stabbed multiple times and another has been charged.
How this roadster became a record breaker
The driving of a 100-year-old roadster across Saudi Arabia in the name of charity has broken a record its drivers did not even realise existed. Read how.