McGowan Govt Receives $185 Million From PEXA Share Sale

McGowan Govt Receives $185 Million From PEXA Share Sale

Western Australia Treasurer Ben Wyatt

METRONET Receives $185 Million Boost From PEXA Share Sale

Victor P Taffa

  • Western Australian Government has received $185 Million 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

McGowan Government has received $185 Million from the sale of its 11.8 % shareholding in Property Exchange Australia (PEXA), with the transaction finalised this week.

“Completion of this transaction represents a positive outcome for the State and a tremendous boost for our flagship METRONET project.” Treasurer Ben Wyatt said.

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

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.

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.

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.