- Investec Australia Limited has been appointed as lead commercial advisor to support the commercialisation of the State's automated land titling services
- Appointment will enable the commencement of market preparations
- Competitive market process to find the right operator
The McGowan Labor Government has reached its first key milestone for the partial commercialisation of the automated land titling functions of Landgate, with the appointment of a lead commercial advisor.
Investec Australia Limited has been selected through an independent and competitive process, which sought advisory services to assist the preparation and execution of the partial commercialisation and further develop options for Landgate's Advara investment.
The Investec team will bring significant land registry expertise, having acted as the advisor to the South Australian Government for the 2017 Land Services SA transaction.
The McGowan Labor Government has previously announced that it plans to commercialise a restricted part of Landgate's functions to seek a return on Landgate's investment and innovation. At the same time, options for Landgate's shareholding in its subsidiary Advara are being investigated to develop an optimal strategy for the State Government.
Investec will be responsible for the dual co-ordination of these processes, and will work in close collaboration with the State. As the commercial advisor, Investec will lead the development of the transaction structure and future Advara strategy; conduct the transaction marketing; and manage the competitive process for the selection of an operator for the partial commercialisation.
Investec's role in these activities will be vital to realising the greatest value for WA taxpayers, which will assist the Government in its Budget repair efforts and also fund the State's participation in the National Redress Scheme for survivors of child sexual abuse.
Comment attributed to Treasurer Ben Wyatt:
"The partial commercialisation represents a unique opportunity in the land registry sector. While it is vital that its value is fully realised, of equal importance will be the continued protections and rights of the public."
Comment attributed to Lands Minister Rita Saffioti:
"Cabinet's recent decision to reject the sale of Landgate, and pursue revenue through partial commercialisation, means the State retains ownership and responsibility of our land titles system."
