The Industry Funds Management and the Queensland Investment Corporation have acquired the Port of Brisbane for $2.3 billion, reports said.

The Sydney Morning Herald said the Queensland Government has sold the Port of Brisbane to a consortium led by Industry Funds Management and the Queensland Investment Corp., which will have a 99-year lease and to be announced today.

In a related report by Bloomber News quoting the Australia newspaper, the said consortium was said to include the Macquarie Group, which the Herald refuted adding that the investment bank was part of the financial advisory committee.

Another competitor led by the group of Morgan Stanley and UniSuper was said to have lost the bids, while the Indian group Adani pulled out its bid on the last minute.

The privatisation of the port is part of a program of asset sales, including the float of QR National, the Queenslang government targets to raise $15 billion from these undertakings.