Pan-Asian logistics group Logos has entered an exclusive due diligence agreement for a stake in Australia’s largest fright infrastructure project from Qube Holdings.
Qube is trying to sell a stake and/or find a joint venture partner for the Moorebank Logistics Park (MLP), which includes Qube’s intermodal freight facility at Moorebank, in Sydney’s southwest.
MLB, valued at more than A$2bn (€1.2bn), attracted several potential bids, including Charter Hall, ESR, Dexus and, reportedly, Blackstone.
Qube said it had entered a period of exclusivity with Logos in relation to the MLP sale.
The vendor said following evaluation of non-binding indicative offers, it had been determined that the process would be optimised by entering into a period of exclusivity with a preferred partner, reflecting the complex nature of the MLP.
Qube would decide whether to proceed with a transaction towards the end of calendar 2020.
“It remains subject to a number of conditions, including agreement on the precise details and scope of the monetisation structure, completion of due diligence, and documentation.”
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