- Victoria granted a concession to operate its land titles and registry in a deal worth $2.86 billion.
- First State Super has won the right to operate the services for 40 years.
- The state will use the cash on infrastructure projects.
First State Super has just closed a $2.86 billion deal for the right to operate the land titles and registry functions of Land Use Victoria for 40 years.
The State Labor Government will use the cash for infrastructure, including new schools, hospitals and transport.
The public sector super fund and Hastings Funds Management last year won a 35-year lease on the the land titles registry in New South Wales with a bid of $2.6 billion.
First State Super has 773,527 member accounts — nurses, midwives, teachers, police, firefighters and paramedics — and $63.7 billion funds under management.
Michael Dwyer, First State Super’s CEO, says the fund has a strong connection to Victoria with more 180,000 members there.
“We also have a number of significant investments in the state including agriculture, commercial property and infrastructure such as the new Bendigo Hospital,” he says.
“We see land registries as critical economic infrastructure with strong investment fundamentals. Victoria has been the best performing economy in Australia, underpinned by strong population growth.
“First State Super has a demonstrated track record of success in managing large investments and public infrastructure.”
Victoria will keep control over prices for statutory land registry services.
The Registrar of Titles will remain under state control, retaining an oversight role over the private operator.
“This is an outstanding result and another vote of confidence in the Victorian economy, one that will deliver a major boost to our already unprecedented investment in schools, hospitals, road and rail,” says Victoria’s Treasurer Tim Pallas.
“While others talk, we deliver — with more funding to invest in the infrastructure Victorians need, growing our economy and creating jobs.”
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