Client Introduction
Grant Samuel advised the LOGOS Consortium (comprising AustralianSuper, AXA, TCorp, Ivanhoe Cambridge and LOGOS as manager) on its $1.7bn acquisition of Moorebank Logistics Park from Qube Logistics. LOGOS is a dynamic and growing logistics specialist with over 8.8 million sqm of property owned and under development, with a total completed value of over US$16 billion, across 26 ventures and operations across Australia, China, Singapore, Indonesia, Malaysia, Vietnam, India and New Zealand.
Problem / Opportunity
Moorebank Logistics Park is Australia’s largest intermodal freight facility, offering unparalleled industrial warehousing opportunities and rail-to-port connectivity across 243 hectares. The site will be developed into high quality industrial property and infrastructure including potential for up to 850,000sqm of warehouse opportunities directly adjacent to Australia’s largest rail intermodal facilities with direct linkage to Port Botany. Extremely complex transaction with protracted negotiations/structuring due to site history (former defence site with environmental and defence sensitivities), governance structure (development and operations deed between Qube and Moorebank Intermodal Company) and a requirement for ongoing alignment between the warehousing and infrastructure operations during development and post practical completion.
Solution
Grant Samuel’s integrated service model across M&A (Corporate Advisory) and Debt (Capital Advisory) assisted the LOGOS consortium with co-ordinating and executing all transaction, venture and due diligence workstreams, as well as implementing an appropriate and flexible capital structure with $840m of debt across four facilities (stabilised and development funding).
Key outcomes and benefits
- Structuring and negotiation of ‘Alignment Deed’ between Qube/LOGOS to ensure alignment of objectives in MLP’s development (including a tenant approval regime and a rail rate card that cements future supply chain benefits for tenants)
- Assisted the LOGOS consortium with negotiating a back-to-back agreement for the sale of solar rights on site unlocking significant value
- Designed and secured an efficient, flexible funding platform capable of meeting development financing requirements through to full stabilisation
“We would not have been able to complete the transaction had it not been for Grant Samuel and their steadfast dedication, strategic advice and specialist skillset.”
Darren Searle, Head of Australia and New Zealand