Who knows if the port will ever move north. But if it does, then I see three things:

A whole bunch of land coming available on the Auckland waterfront, and a never-ending series of reports, proposals, reviews, plans and counterplans, with nothing happening for a decade or more. With at least one debt issue to fund the fiasco.

A massive infrastructure spend to connect the port to the national transport/logistics network. Funded, hopefully, by a series of debt issues.

A big redevelopment of the poet, with calls on shareholders capital, as well as at least two debt issues.

So I see this as an opportunity for some well-structured debt investments from a number of players, and as a series of capital-raisings by the port itself.

Plenty of time to wait for another share-based infrastructure yield play to come onto the market, no hurry to buy MMH for at least ten years or more.