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Auckland rail deal finalised

13 May 2002 Media Statement

Auckland rail deal finalised


The Crown and Tranz Rail have completed the final outstanding details of the Crown’s purchase of the Auckland rail corridor.

The announcement today by Finance Minister Michael Cullen, Transport Minister Mark Gosche and Tranz Rail Managing Director Michael Beard follows a satisfactory conclusion to negotiations over train control, track maintenance and other interim services.

At the time of the sale and purchase agreement in December 2001 there were a number of unresolved technical issues. It was therefore agreed that $75 million of the $81 million purchase price would be paid immediately with the balance to be paid on resolution of the outstanding details. As these details have been satisfactorily resolved the final $6 million will now be paid.

“The Government now looks forward to concluding a lease of the rail corridor and infrastructure assets to Auckland. This will allow Auckland to start developing the rail network to help address traffic congestion,” the Ministers said.


ENDS

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