Logistics firm Qube has acquired full control of the in-development Moorebank Intermodal Hub after it agreed to buy out joint venture partner Aurizon.
The ASX-listed logistics business, which has just successfully spearheaded the break-up and takeover of port and rail giant Asciano, acquired Aurizon’s 33% interest in the Moorebank Industrial Property Trust for $98.9 million,
Qube managing director Maurice James said the company would fund the move through existing unused loans.
“We are delighted to be able to secure full ownership and control over such an important project for Qube,” he said.
“We believe it will enhance the deliverability of the project and maximise flexibility for Qube in terms of funding and partnering options for warehouse development.”
Aurizon, a Queensland-based rail operator, said the decision to sell its stake in Moorebank came after it secured a 10-year lease at the nearby Enfield Intermodal Logistics Centre, which is owned by Port Botany owner NSW Ports.
Aurizon started operations at Enfield on May 9.
“Enfield fulfils Aurizon’s current customer, capacity and operational needs,” the company said in an ASX statement.
“Due to the open access nature of the Moorebank Terminals, the divestment will not affect Aurizon’s ability to access the Moorebank facilities in future.”
Qube finished at $2.60 a share, up 0.8% on the ASX on Tuesday, when the announcement was made. Aurizon dropped 1.15%, closing at $5.14 a share.