The Perth Market Authority (PMA) was the Statutory Authority responsible for the management of Market City, Western Australia's central wholesale trading and distribution hub for fruit and vegetables.
Every year, more than 200,000 tonnes of fresh produce is traded through Market City, which translates to approximately $500 million in annual turnover.
The proposed sale of Market City was announced as part of the first round of asset sales in 2014. In June 2015, following a thorough due diligence process, the Government announced it would seek expressions of interest for the sale of Market City.
A key objective of the sale was the sustainable operation of the wholesale market, to ensure continued growth of the Western Australian fruit and vegetable industry. A number of conditions were established as part of the sale process, to ensure this continuation.
In December 2015, industry consortium Perth Markets Ltd (PML) was announced as the preferred bidder. In February 2016, following negotiations with the Government, PML was confirmed as the successful bidder for the purchase of Market City and executed the sale contract with the State.
PML assumed ownership of Market City on 31 March 2016. The sale will generate proceeds of $135.5 million to the State.