Victoria taps law firms for possible land titles office sale
The Victorian land titles office might go the same way as its counterpart in New South Wales.
Following Premier Daniel Andrews announcement of a $2 billion-odd price target on the state's land titles office, government officials are in the market for scoping study advisers, according to Street Talk in The Australian Financial Review.
The state’s Department of Treasury and Finance has written to major law firms seeking sale ideas, credentials, experience on similar deals, potential costs and the like, according to Street Talk.
The development might see big firms being pitted against each other. Herbert Smith Freehills will be up against the likes of Allens - which recently advised Hastings Funds Management and First State Super on their acquisition of NSW's land titles registry - Minter Ellison, Baker McKenzie, King & Wood Mallesons, Ashurst and Clayton Utz.
Infrastructure fund manager Hastings Funds Management and pension fund First State Super signed a $2.6 billion deal to operate NSW's land titles and registry business earlier this year.
Victoria is expected to appoint a legal adviser before looking for investment banks and accounting firms to explore options.
It's likely to need all three for the scoping study and a sale, should the scoping study make findings as expected, Street Talk said.
South Australia is also privatising its land titles office, seeking bids next month.
