Q Port Holdings Consortium has acquired the Port of Brisbane for A$2.1bn from the state of Queensland in Australia for a 99-year lease period.

The consortium includes Global Infrastructure Partners, Industry Funds Management, QIC Global Infrastructure and Tawreed Investments.

It has also agreed to upgrade section three of the Port of Brisbane motorway at a cost of A$200m.

The Australian state is divesting the port to meet an estimated A$14bn revenue shortfall during the global economic downturn.