❓ Treasurer provides an update on the sale of the Perth Market Authority (Market City) as part of the state government's asset sales program, noting significant interest and restrictions to ensure fair market conditions.
AnsweredQoN 613Legislative Assembly
QuestionView source ↗
PERTH
MARKET AUTHORITY — ASSET SALES PROGRAM
613. Mr P. ABETZ to the
Treasurer:
Before I ask my question I would like to acknowledge in the
public gallery the year 8 students from Wanneroo Secondary College from the
member for Wanneroo's electorate.
Could the Treasurer please provide an update on the sale of
the Perth Market Authority as part of the state government's asset
sales program?
MARKET AUTHORITY — ASSET SALES PROGRAM
613. Mr P. ABETZ to the
Treasurer:
Before I ask my question I would like to acknowledge in the
public gallery the year 8 students from Wanneroo Secondary College from the
member for Wanneroo's electorate.
Could the Treasurer please provide an update on the sale of
the Perth Market Authority as part of the state government's asset
sales program?
AnswerView source ↗
I thank the member for the question. I am really pleased to
announce that Market City is on track to be the first asset sold under our
asset sales program. A key milestone in the sales process was reached last week
when expressions of interest closed. As the member knows, Market City is the
metropolitan area's, and indeed the state's, major wholesale
and trade distribution hub for fruit and vegetables. It is situated in Canning
Vale on the edge of the electorate of Riverton. It has transactions of about
$500 million a year, so it is a major project. As the member also knows, we
announced it as one of our first tranche of asset sales. At the outset, the
asset sales process is being led by Treasury with lead advisers being Ernst and
Young and Jones Lang LaSalle. It was complicated, as almost all transactions of
this nature are, so we have spent the last six months or more having intensive
discussions with all interested parties—of course, the board, workers
from the Perth Market Authority, various fruit and vegetable traders, the
growers, the buyers and the community at large.
As part of that we got some very useful information and put
restrictions on the sale. Those restrictions include making sure that there is
adequate warehouse capacity both now and in the future, putting minimum limits
both now and in the future, and making sure that no one party dominates. The
restrictions on the sale process were that no party could have more than 20 per
cent of the floor space. Also in the sale requirement was that existing trading
rules are maintained in the future. That has been a rather fruitful process.
The number of submissions received shows that there is a great deal of interest
in the sale, and it is indeed an attractive long-term investment for many
parties. Now we will take a shortlist of the interested parties, vet them and
choose a small number of them to put a final bid in. We are on track to make a
decision at the end of this year and to announce the sale of the Perth Market
Authority early next year.
announce that Market City is on track to be the first asset sold under our
asset sales program. A key milestone in the sales process was reached last week
when expressions of interest closed. As the member knows, Market City is the
metropolitan area's, and indeed the state's, major wholesale
and trade distribution hub for fruit and vegetables. It is situated in Canning
Vale on the edge of the electorate of Riverton. It has transactions of about
$500 million a year, so it is a major project. As the member also knows, we
announced it as one of our first tranche of asset sales. At the outset, the
asset sales process is being led by Treasury with lead advisers being Ernst and
Young and Jones Lang LaSalle. It was complicated, as almost all transactions of
this nature are, so we have spent the last six months or more having intensive
discussions with all interested parties—of course, the board, workers
from the Perth Market Authority, various fruit and vegetable traders, the
growers, the buyers and the community at large.
As part of that we got some very useful information and put
restrictions on the sale. Those restrictions include making sure that there is
adequate warehouse capacity both now and in the future, putting minimum limits
both now and in the future, and making sure that no one party dominates. The
restrictions on the sale process were that no party could have more than 20 per
cent of the floor space. Also in the sale requirement was that existing trading
rules are maintained in the future. That has been a rather fruitful process.
The number of submissions received shows that there is a great deal of interest
in the sale, and it is indeed an attractive long-term investment for many
parties. Now we will take a shortlist of the interested parties, vet them and
choose a small number of them to put a final bid in. We are on track to make a
decision at the end of this year and to announce the sale of the Perth Market
Authority early next year.
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