AustralianSuper Leads Investor Group to Buy Sydney’s Moorebank Logistics Park
Posted on 07/06/2021
AustralianSuper is kicking in A$ 774 million for a 40% stake in Sydney’s Moorebank Logistics Park, as a part of a consortium. APAC logistics specialist LOGOS Property Group partnered with AustralianSuper, Ivanhoé Cambridge (real estate unit of Caisse de depot et placement du Quebec), T Corp (NSW Treasury Corporation), and AXA IM Altis to buy Moorebank Logistics Park from ASX-listed Qube Holdings Limited (Qube) for A$ 1.67 billion.
Moorebank is Australia’s largest internodal freight facility.
LOGOS Property Group inked the deal back on February 25, 2021 for the sale of 100% of Qube’s interest in the warehousing and property components of the MLP project. The LOGOS Consortium’s arrival at Moorebank will also underpin the Commonwealth’s investment in this nation building project. Moorebank Intermodal Company (MIC) is a wholly owned Australian Government entity established to facilitate the development of an intermodal terminal at Moorebank – a nationally significant infrastructure project that will help Sydney manage the expected growth in freight moving through the city.
Qube is to retain ownership of the intermodal rail terminals. Transaction completion is expected in the fourth quarter of this calendar year and is subject to satisfaction of several conditions including FIRB approval, MIC approvals to the change in ownership, resolution of a number of material issues with MIC and other conditions.
On completion, LOGOS will acquire 100% of Qube’s freehold land in MLP, 100% of Warehouse Trust (leasehold interest in MLP warehouses) and Qube’s 34% interest in Land Trust (leasehold interest in MLP land).