“Proceeds from any potential transaction will be invested into the NSW Generations Fund and allow us to continue to build world-class infrastructure such as the Metro West train line from Sydney to Parramatta,” he said in a statement.
Mr Perrottet in July said the government would not sell its 49 per cent stake unless it “gives us substantial return” and was in the best interests of the people of NSW.
He said at the time that despite a significant drop in traffic on Sydney’s toll roads since the coronavirus outbreak, he believed WestConnex would remain attractive to prospective buyers due to its relative long-term financial stability.
The first stage of the $16.8 billion dollar road project, the M4 East opened to traffic in mid 2019 before the M8 – a duplication of the M5 between Kingsgrove and St Peters – opened in July this year.
The remaining third stage, linking the M4 and M5 between Haberfield and St Peters, is slated to open in 2023.
Under the terms of the 2018 acquisition, the Transurban consortium has the “right of first offer” if the government decides to sell its minority stake in the three-staged project.
IFM Investors, which bid unsuccessfully for the 51 per cent share, has been cited as an obvious competitor.
The NSW government was forced to walk away from its plans to privatise state-owned Forestry Corporation’s softwood forests after the summer’s bushfires inflicted hundreds of millions of dollars damage to the asset.