Moorebank Intermodal Company welcomes LOGOS Consortium $1.67 billion investment at Moorebank Logistics Park
Moorebank Intermodal Company has provided consent to the $1.67 billion acquisition of the warehousing component of the Qube Holdings Ltd Moorebank Logistics Park (MLP) development, paving the way for accelerated investment in the precinct.
Moorebank Intermodal Company (MIC) has consented to the $1.67 billion acquisition of Qube Holdings Limited’s (Qube) warehousing and land interests at the Moorebank Logistics Park in Sydney by leading Asia-Pacific logistics provider LOGOS and its partners. As part of this transaction, MIC and Qube have also resolved all outstanding claims and disputes.
The acquisition by LOGOS highlights the long-term value of the Moorebank precinct, driven by market confidence in its state-of-the-art design and proximity to key growth areas across the Sydney basin.
An important component of this transaction is the establishment of an innovative, industry leading joint development model for the delivery and operation of the Moorebank Interstate Rail Terminal, ensuring it will be genuinely open access for all industry participants. Qube, LOGOS and MIC will all have equity interests in the Interstate Rail Terminal’s ownership and a new joint development entity will be responsible for the terminal’s future operations.
The efficiencies generated from the scale of the Moorebank precinct, coupled with its direct linkage to Port Botany and mainland capital cities, will increase the capacity and drive efficiencies of freight networks across Sydney and along the east coast of Australia. MIC will retain final determination over several matters relating to the joint development, particularly in relation to preserving open access arrangements to ensure fair and equal access for all existing and future rail freight market participants.
Interconnectivity between the precinct and key rail freight routes ensures the future Moorebank Interstate Rail Terminal can support an increase in freight volumes handled at the precinct and drive modal shift from road to rail-based freight transportation. This will increase the capacity of Australia’s freight networks, build national supply chain resilience and reduce congestion on existing freight routes.
MIC Chair, Erin Flaherty, said: “The development of the Moorebank Logistics Park’s Interstate Rail Terminal is a critical step towards helping to address Australia’s growing freight logistics challenges.
“Once completed, the Interstate Rail Terminal will connect businesses with their customers and suppliers faster and more efficiently than ever before, both in Australia and overseas. This will facilitate 2 broader and more efficient market access for Australian businesses and a renewed competitive advantage.
“We’re pleased to be partnering with Qube Holdings and LOGOS to deliver a state-of-the-art terminal that will assist in reinvigorating competition within the rail freight market and enhancing the effectiveness of rail services to industry throughout the east coast,” Ms. Flaherty said.
James Baulderstone, MIC CEO, said the Government’s endorsement of the LOGOS Consortium investment and interstate terminal joint development caps off a year of significant achievements for the Company.
“MIC has now established itself as a successful and respected logistics participant. We were pleased to recently obtain the support of ANZ and Mizuho for a five-year unsecured $200 million revolving debt facility demonstrating both domestic and international lender confidence in the Commonwealth’s strategic direction and our capabilities.
“Over the past twelve months a number of important milestones have been achieved. We finalised terms for the final stage of land preparation works across the old School of Military Engineering Defence site which has paved the way for the critical Interstate Rail Terminal to commence construction next year.
“MIC has also recently taken over as development manager for the Moorebank Avenue re-location works, a high-volume public road which, when completed, will significantly improve local area commercial and general public traffic flows. MIC will also shortly take over the custodial responsibilities for more than 100 hectares of conservation areas enabling us to better deliver environmental and social benefits to local communities,” Mr Baulderstone said.
