$185m boost for Metronet project after sale of Landgate shareholding

Transport Minister Rita Saffioti.
Transport Minister Rita Saffioti.

FUNDING for Metronet has received a boost after the State Government sold its 11.8 per cent shareholding in Property Exchange Australia (PEXA) for $185 million.

As foreshadowed in the mid-year review, the money raised will go towards Metronet projects under development such as the Morley-Ellenbrook line.

PEXA was formed in 2010 to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national electronic conveyancing solution to the Australian property industry.

The State of Western Australia, through Landgate, invested in this initiative, along with other state governments, helping to establish the company and, in doing so, building a market for electronic conveyancing in Western Australia and nationally.

Treasurer and Lands Minister Ben Wyatt said the completion of the transaction this week was a positive outcome for the state.

“Given Landgate and the State’s investment totals approximately $38.9 million, this is an exceptional outcome for Western Australia,” he said.

“This decision to invest in Metronet also ensures that the financial discipline and responsibility which has been the hallmark of the McGowan Labor Government continues.”