Qube builds up Moorebank stake

Company News

Qube Logistics Holdings Limited (ASX:QUB) says it will spend $123 million to boost its stake in the Moorebank Industrial Property Trust.

The logistics business has inked a deal with joint venture partner Stockland (ASX:SGP) to purchase a 55 per cent unitholding in the trust.

When the deal is done Qube will have an 85 per cent holding with the remaining interest held by QR National (ASX:QRN).

Qube says the Moorebank project is a key infrastructure project which will improve the productivity and efficiency of the freight task to and from Port Botany near Sydney.

In the first half of the 2012 financial year, Qube generated a net profit of $9 million.