Qube’s plan B: buy MIST
Having been frustrated by federal transport minister Anthony Albanese in its attempt to fast-track its Moorebank intermodal terminal (SIMTA), Chris Corrigan’s Qube Logistics Holdings Limited (Qube) has announced that it has entered into an agreement to acquire 100% of the shares of Macarthur Intermodal Shipping Terminal Pty Ltd (MIST), including its wholly owned operating subsidiaries, Independent Railways of Australia Pty Ltd and Independent Railroad of Australia Pty Ltd, trading as Independent Transport Group (ITG).
As part of the transaction, Qube will get the freehold property at Minto (near Moorebank) in south west Sydney, upon which ITG operates its rail terminal and warehousing.
ITG has been built up over the years by Stephen Heraghty (of Bowport Allroads fame) and has existing contractual arrangements for the transport of grains and malt by rail from regional NSW to the Macarthur Intermodal Shipping Terminal for export through Port Botany.
The ITG business will be integrated into Qube’s Logistics division and will expand Qube’s rail fleet to approximately 80 locomotives and 800 wagons.
Qube will pay $95 million for the business and assets, which will be financed by part of a $550 million syndicated debt facility just concluded. This facility provides Qube with significant capacity to fund its continued growth.