Qube raising $350 million equity for Moorebank

Qube has announced a $350 million equity raising to fund new warehousing and strategic growth initiatives for Moorebank Logistics Park, Australia’s largest intermodal precinct.
Earlier in May, Qube officially commenced development at Moorebank and it is now in discussions with potential tenants for the development.
Qube has announced that it expects to fund the construction of at least $80 million of new warehousing for Moorebank, including the warehouse for the soon-to-be-announced first tenant as well as an initial warehouse facility for Qube Logistics, and construction is expected to commence in early 2018.
“Qube is pleased to have achieved a further important milestone, with the development of the first new warehousing at Moorebank bringing us a step closer to realising the substantial benefits that the Moorebank project will deliver for customers, suppliers, and the entire East Coast freight and logistics chain,” said Maurice James, Managing Director, Qube.
“We are delighted with the initial reaction of potential tenants to the transformational proposition that is provided by the Moorebank facility” he added.
New warehousing at Moorebank is to be built on demand and with pre-commitments from tenants.
Qube has invested around $140 million in the 2017 financial year to date to acquire the remaining 33 per cent of Moorebank it did not already own and on initial development capital expenditure, Qube expects to invest $400 million of capital expenditure in the development of Moorebank – excluding warehousing and rail shuttle capital expenditure ­– over the first 5 years.