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Aurizon divests stake in major Sydney freight terminal
One of Australia’s biggest land transport companies now holds 100 per cent equity in the proposed Moorebank Intermodal Terminal.
Melissa Coade
Firms: Corrs Chambers Westgarth (Aurizon)
Value: $98.9 million
Area: M&A
Key players: The Corrs team advising Aurizon was led by corporate partner Stephanie Daveson. Senior associate Aidan Lavin assisted on the deal.
Deal significance: Logistics group Qube has purchased Aurizon’s 33 per cent equity stake in a major terminal hub, to the tune of $98.9 million. The Moorebank Intermodal Terminal is now wholly owned by Qube, which held a 67 per cent equity stake in the terminal at the time of purchase.
In 2015, both companies entered into a joint venture to form the Sydney Intermodal Terminal Alliance for the large-scale development of the site, located in south west Sydney. At the time, the development was described as a transport solution that would support the growth in freight movement in Australia.
Once built, the terminal plans to move rail freight between Port Botany and Moorebank and reduce the number of trucks on the road.
Corrs advised rail operator Aurizon on its joint venture arrangements with Qube for the Moorebank project in 2015.
According to a statement released by the law firm, Aurizon’s divestment in the Moorebank project was preceded by an opportunity to lease an intermodal logistics centre in Enfield, “which fulfils Aurizon’s current customer, capacity and operational needs”.
Lead partner Stephanie Daveson said her team looked “forward to continuing to support the company into the future”.
