Morgan Stanley rules off $40m private port raising

Original Article by Sarah Thompson, Anthony Macdonald and Tim Boyd – Financial Review – Morgan Stanley rules off $40m private port raising

The capital raising boat is successfully floating at shallow-water port developer ICAM Duxton Port Infrastructure Trust (IDPIT).

Street Talk understands IDPIT has locked in $40 million of fresh cash from high net worth individuals, family offices and institutional investors, after launching a private funding round earlier this year.

IDPIT tapped investment bank Morgan Stanley’s retail arm, Morgan Stanley Wealth Management, to help on its funding search in March, in order to repay a bridging loan and raise some development capital.

The company has developed an innovative shallow-water port at Lucky Bay in South Australia. The idea is that transshipment vessels load bulk materials in shallow-water ports close to road or rail systems, which are then discharged into an ocean-going vessel at sea.

Investors were told that closing the $40 million raising would mark the final transition for the Lucky Bay port from greenfield development to operational infrastructure asset.