QUBE has announced its option to buy land north of Melbourne for the development of a rail freight terminal has been sold to the National Intermodal Corporation.
The Beveridge Intermodal Freight Rail Terminal project had been identified as an opportunity to develop around 1100 hectares of land east of Beveridge, 40 kilometres north of Melbourne’s CBD.
The announcement comes on the same day the federal government announced a $1.2-billion cash injection for the Beveridge Interstate Freight Terminal in this week’s budget.
Qube said it had anticipated that the project’s development would result in transformed logistics and improved environmental outcomes compared to current freight movement and supply chain operations, domestically and nationally.
However, in an ASX announcement on Monday, Qube confirmed the option had been sold under an arrangement with National Intermodal, a new business enterprise established by the Australian government.
Qube said the nominal consideration it had been paid reflects the actual cost of the options paid by Qube, plus partial recovery of the company’s costs incurred to date to assess the development.
Under the arrangement, Qube also entered into an agreement giving the company the right to repurchase the option should National Intermodal choose not to exercise prior to September this year.
“This transaction provides Qube with flexibility to participate in any future interstate rail freight terminal and the development of industrial warehousing at Beveridge,” a Qube spokesperson said.
As part of the transaction, Qube was also granted an option to buy back up to 200 hectares of developable land in the future for consideration consistent with the price paid by National Intermodal to acquire the land.
National Intermodal was previously known as Moorebank Intermodal Company, created in 2012 to oversee the development of the Moorebank Intermodal Terminal in south-western Sydney.
In December 2021, Qube finalised the $1.67-billion sale of its interest in the warehousing and property components of the Moorebank Logistics Park.
Qube appoints new CFO
On Thursday last week, Qube announced the appointment of Mark Wratten as chief financial officer to succeed Paul Lewis, who announced in December last year he would step down from the role.
Mark Wratten is an experienced ASX listed CFO with a track record across a range of industries including industrial services and logistics, according to Qube managing director Paul Digney.
“Mark also brings broad leadership experience covering investor relations, treasury, tax, information technology, mergers and acquisitions, capital markets and risk management,” Mr Digney said.
“I’m confident Mark will be a strong contributor to the Qube management team in the years ahead.”
Mr Digney paid tribute to Mr Lewis for his service to Qube over more than 15 years, which he said had helped make Qube a successful company.
Mr Wratten will commence his employment with Qube on 2 May this year, providing an orderly handover with Paul Lewis to 30 June 2022.