Qube Holdings (ASX:QUB) reports Patrick Terminals has extended their lease with Port of Melbourne

Company News

by Rachael Jones

Qube Holdings (ASX:QUB) today announces that Patrick Terminals has entered into lease arrangements extending Patrick’s tenure at the Port of Melbourne to 2066.

Qube holds a 50 per cent interest in Patrick Terminals.

The arrangements secure Patrick’s long term strategic footprint at East Swanson Dock and an adjoining logistics site at Coode Road.

Patrick has recently upgraded its capabilities at East Swanson Dock to handle vessels carrying over 11,000 twenty-foot equivalent unit.

Patrick has entered into a Development Deed with the Port of Melbourne (“PoM”) to cofund and build the rail terminal. The terminal is expected to be complete by mid 2023.

Shares in Qube Holdings (ASX:QUB) are trading 2.14 per cent lower at $2.63.