The New South Wales government says it will reinvest in infrastructure projects using the $2.6 billion it gets from selling a 35-year lease to the land title registry.
Premier Gladys Berejiklian and treasurer Dominic Perrottet today announced an agreement with an Australian consortium, Australian Registry Investments, to operate the Land and Property Information’s titling and registry services following a tender process.
The consortium is made up of 80% Australian institutional investors, including First State Super, investment funds from Hastings Funds Management and a 20% stake held by the Royal Bank of Scotland Group’s pension fund.
The government will invest $1 billion into upgrading Parramatta and ANZ Stadiums and refurbishing Allianz Stadium.
The remaining $1.6 billion will go to other infrastructure projects, including at least 30% in regional NSW.
A new external regulator, the Registrar General, has been created to enforce the consortium’s performance.
Security of titles will remain unchanged with the government continuing to guarantee title and operate the Torrens Assurance Fund, which compensates landowners who suffer a loss due to fraud or error on the register.
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