QR National boosts Moorebank stake

Company News

QR National (ASX:QRN) has paid $41 million to increase its stake in the Moorebank Industrial Property Trust to 33 per cent, with the remaining 67 per cent interest held by Qube Logistics Holdings Limited (ASX:QUB).

QR National says it acquired its original Moorebank stake in 2007 because of its strategic value for future land-based freight logistics and this position has fundamentally not changed.

Qube paid $123 million last month to purchase Stockland’s (ASX:SGP) 55 per cent holding in the trust.

The Moorebank site is a key infrastructure project which is expected to improve the productivity and efficiency of the freight task to and from Port Botany near Sydney.

QR National posted a net profit of $189.3 million in the first half of the 2012 financial year.