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Development of major Sydney logistics terminal underway
Work on the Moorebank intermodal precinct will kick off with the construction of an import/export terminal.
Melissa Coade
Firms: King & Wood Mallesons and Norton Rose Fulbright (Qube Holdings Limited); Herbert Smith Freehills (Moorebank Intermodal Company Limited); Ashurst (Commonwealth government)
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Deal: Qube has reached the financial close milestone of its intermodal precinct development project in Moorebank, NSW.
Value: $2 billion
Area: M&A
Key players: The KWM team advising Qube was led by partners Mark Upfold and Stuart Dixon-Smith.
Special counsel Simonne Einfeld and senior associates Gareth Howe and Scott Phillips assisted on the deal.
Deal significance:
The intermodal precinct development occupies a 243-hectare site at Moorebank, NSW. The project’s $2 billion financial close will see substantial construction work commence.
In addition to the construction of a 250,000 TEU capacity import/export terminal, initial works include laying rail links to the Southern Sydney Freight Line and building container processing areas. The milestone project will also see the development of up to 850,000 square metres of integrated warehousing.
A statement released by KWM said that Qube will develop, own and operate the terminals and has the development, property and asset management rights for associated warehousing.
Announcing the project’s financial close, Qube’s managing director Maurice James said that the site would link “one of the nation’s busiest ports by rail to an inland facility”. The Moorebank facility intends to ease the freight and logistics supply chain along the NSW east coast.
“With the sheer scale and location benefits of the Moorebank site, [it] is a game changer that will deliver long-term benefits to both business and consumers,” Mr James said.
“We needed a law firm that would partner with us, drawing together the best infrastructure and real estate expertise in the market, and KWM certainly delivered the high-quality product we needed,” he said.
