ASX-listed logistics company Qube has acquired the Newcastle Agri Terminal from its existing shareholders CBH, Viterra Australia, Riverina and CTC Terminals.
Qube acquired the terminal for $90 million, which it said would be funded through its existing undrawn debt facilities. The company said, as with any such transaction, there are conditions to be satisfied. These are expected to be addressed in time for the acquisition to be completed by 30 September.
The NAT facility has approximately 60,000 tonnes of silo storage, modern rail receival infrastructure, road discharge facilities and the ability to load out up to 2000 tonnes per hour.
In an ASX announcement, Qube said the terminal is positioned to capture export grain from the northern New South Wales draw zone. It said the region has typically produced an average of approximately 4.8 million tonnes of grain per year over the past seven years.
Qube Holdings managing director Paul Digney said, “The acquisition of NAT will further strengthen Qube Agri export bulk service offering to growers and traders the ability to now ship from Newcastle”.
“The addition of this quality asset to the Qube Agri capability will ensure customers in the Northern draw zone can benefit from an efficient export terminal.”
The company said there are no immediate changes forecast for the business and the initial focus of the combined business will be to work with the management team to ensure the same high level of service continues for NAT’s valued customers and the new opportunities identified are delivered upon.
