This article is from the Australian Property Journal archive
LOGISTICS giant Qube is revving up Australia’s largest automotive logistics play, with the $332.5 million acquisition of the Melbourne international ro-ro and automotive terminal (MIRRAT) from Oslo-listed Wallenius Wilhelmsen.
MIRRAT is the only dedicated roll-on, roll-off terminal servicing Victoria. The facility spans around 35 hectares at the Port of Melbourne, and features three berths, a 120 tonne gantry crane, 8,000 sqm of undercover storage, and two quarantine wash bays. It also holds a 6-Star rating from the Green Building Council of Australia.
Qube is making the purchase through its its wholly owned subsidiary, Australian Amalgamated Terminals Pty Ltd (AAT).
“As the only dedicated roll-on, roll-off terminal servicing the Victorian market, MIRRAT plays a critical role in the Victorian and national economy. 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,” said Qube managing director, Paul Digney.
“Automotive volumes, which represent the majority of the cargo serviced at MIRRAT, are serviced by 14,500 open-air car slots on site and the business is expected to continue to benefit from growing imported car volumes (generally linked to population growth and vehicle turnover).”
“This is a business Qube knows well, recognising that MIRRAT shares a common underlying customer base with AAT.”
MIRRAT operates on a similar basis to AAT’s other terminals in Port Kembla, NSW and Fisherman Island in Queensland.
Wallenius Wilhelmsen will continue to utilise MIRRAT following the transaction, and its customers will not be impacted by the sale.
“MIRRAT has been incredibly successful both commercially and financially, and the sale demonstrates the values created in our logistics business,” said Lasse Kristoffersen, president, and CEO at Wallenius Wilhelmsen.
“As we continue to develop our integrated offering to customers, we believe the terminal’s independence and open access can be even better developed under a new and independent ownership. We will continue to be a happy customer of MIRRAT and work with the strong team there.”
Qube intends to rebrand the MIRRAT business to the AAT brand following completion.
Qube’s will fund the purchase through undrawn debt facilities. The acquisition is expected to be earnings per share accretive in FY25 and meet Qube’s ROACE hurdle over the medium-term.
Completion of the acquisition is conditional on Australian Competition and Consumer Commission and Port of Melbourne approval, and is expected to complete in early FY25.
Qube’s recent property plays have included entering a 50% joint venture last year for a 491-hectare parcel of land in Western Australia’s City of Swan earmarked to be developed into a residential estate with 173 lots.
According to JLL, commercial property sales volumes came in at $4.05 billion for the March quarter, down 14% below the levels reached in the same period of 2023, when $4.72 billion was transacted.
Industrial investments were up 71% from the same period in 2023, from $1.46 billion to $2.5 billion.
