Qube buys Melbourne’s RoRo terminal for $332.5m
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The news: Logistics provider Qube Holdings has agreed to buy the Melbourne International RoRo & Automotive Terminal (MIRRAT) from Wallenius Wilhelmsen.
The numbers: Qube said in an announcement after market close on Monday its wholly owned subsidiary, Australian Amalgamated Terminals (AAT), would buy the terminal for $332.5 million plus stamp duty and other costs.
The MIRRAT facility, which is the only dedicated roll-on, roll-off terminal servicing the Victorian market, spans around 35 hectares, features three berths, a 120 tonne gantry crane, 8000 sqm of undercover storage and two quarantine wash bays.
The context: The acquisition will be funded from Qube’s undrawn debt facilities, with the deal expected to be earnings per share accretive in FY25. It will require approval from the competitions regulator and the Port of Melbourne and is expected to complete in early FY25.
Automotive volumes represent the majority of the cargo serviced at MIRRAT and the business is expected to continue to benefit from growing imported car volumes, the company said.
What they said: “As the only dedicated roll-on, roll-off terminal servicing the Victorian market, MIRRAT plays a critical role in the Victorian and national economy," Qube managing director Paul Digney said.
"As a leading Australian logistics provider, Qube is delighted to acquire this high-quality asset, which plays a critical role in efficient import and export automotive supply chains."
The source: ASX announcement
