Macquarie reviews sale of $1.5 billion Port of Newcastle stake

Macquarie Asset Management is conducting a strategic review that may lead to the sale of its 50 per cent stake in the Port of Newcastle. The stake, managed through The Infrastructure Fund (TIF), is estimated to be worth approximately $1.5 billion. Goldman Sachs has been appointed to review divestment options as the TIF prepares to wind down within two years.

Infrastructure experts suggest that finding a buyer for the half-share may be difficult due to ongoing concerns regarding Chinese influence at the port. China Merchant Holdings currently holds a significant share, and experts note that while a buyer might be attracted to a full acquisition, there is reluctance to purchase only a partial stake in the presence of Chinese control.

The sale comes amid broader tensions regarding Chinese-controlled assets in Australia. Any new shareholder would be required to align with the port's 40-year master plan, which aims to diversify trade away from coal through projects such as a container terminal, a $36 million multi-purpose terminal upgrade, and a clean energy precinct.