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Port of Melbourne lease team revealed

The Victorian government says it has assembled a team of "top flight" advisers to ensure taxpayers get the best price for the Port of Melbourne.

Morgan Stanley and Flagstaff Partners will jointly manage the transaction, while Minter Ellison will act as legal adviser.

Treasurer Michael O'Brien said the 40-year leasing of the port was "one of the most important transactions that a Victorian government will undertake in many years".

"Morgan Stanley was the adviser to the NSW government in their divestment of the Ports of Botany, Kembla and Newcastle," Mr O'Brien said on Wednesday.

"They are very experienced on the sell-side and certainly achieved a result there that most market observers agreed was very much at the upper end."

The 98-year leasing of the Port of Newcastle reaped $1.75 billion for NSW taxpayers.

The Port of Melbourne, as Australia's busiest container port, could fetch upwards of $5 billion.

Mr O'Brien said the lease period was for 40 years only as the land was earmarked for the eventual expansion of Melbourne's CBD.