Qube sells $1.65bn Moorebank stake and announces retirement of Managing Director

In its half-year results presentation to investors, Qube Holdings announced that Maurice Jones, who has led the business for a decade, will step down as Managing Director at the end of June. The logistics provider also announced that it has signed a non-binding agreement with LOGOS to sell 100 per cent of its warehousing and property components at Moorebank Logistics Park for $1.65 billion.

Under the transaction, LOGOS will acquire 100 per cent of Qube’s freehold land in Moorebank Logistics Park (MLP), 100 per cent of Warehouse Trust (leasehold interest in MLP warehouses) and Qube’s 34 per cent interest in Land Trust (leasehold interest in MLP land). Qube will retain its 100 per cent interest in intermodal rail terminals and terminal operations activities at MLP.

“Qube is pleased to have reached commercial terms with LOGOS, who continue to recognise the high quality and significant strategic value of MLP. The commercial terms are subject to entry into binding documentation and several conditions including FIRB and the Government owned Moorebank Intermodal Company’s (MIC) approval,” Maurice Jones, Managing Director at Qube said.

Maurice Jones to step down

Maurice James, Managing Director at Qube is stepping down from his position on 30 June and will retire formally from the company at the end of December 2021.

“Maurice indicated his desire to retire early last year but agreed to stay on to lead Qube through the COVID-19 pandemic and to the conclusion of the Moorebank monetisation process,” said Qube Chairman, Allan Davies.

“This period has given the Board the opportunity to carefully identify his successor.

“After considering a range of external and internal candidates the Board has unanimously chose Chief Operating Officer (COO) Paul Digney to step up to Managing Director of Qube from July 1 this year.

“Paul spent his entire working life in the port and logistics industries and was part of the original team which managed the assets which would later form the basis of Qube Holdings Ltd.

“Since his appointment to the role of COO in 2016, Paul has been accountable for all operations across Logistics, Ports and Bulk Division which deliver the majority of Qube’s revenues.

“Paul is, in our view, unquestionably the right person for the job of leading Qube.”

©2019 All Rights Reserved. MHD Magazine is a registered trademark of Prime Creative Media.