METRONET receives $185m boost from PEXA share sale
- WA Government has received $185m from the sale of its shares in PEXA
- Transaction represents a positive outcome for the State and is a result of prudent, responsible investment by Landgate
- Money raised will go towards METRONET projects under development
The McGowan Government has received $185 million from the sale of its 11.8 per cent shareholding in Property Exchange Australia (PEXA), with the transaction finalised this week.
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.
The electronic conveyancing market has now matured to a point where new entrants are being established, and other property exchange operators are emerging. With this, it was the view of the Government that the objective of helping to establish the market had been achieved and it was the right time for the State to exit.
As foreshadowed in the Mid-Year Review, the money raised will go towards METRONET projects under development such as the Morley-Ellenbrook line.
Comments attributed to Treasurer and Lands Minister Ben Wyatt:
"The completion of this transaction represents a positive outcome for the State and a tremendous boost for our flagship METRONET project.
"Given Landgate and the State's investment totals approximately $38.9 million, this is an exceptional outcome for Western Australia.
"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."