Global law firm Norton Rose Fulbright has advised Qube Holdings Limited, Australia’s largest integrated provider of import and export logistics, on the sale of its Minto industrial site to Charter Hall.
The sale of the 30.6-hectare Minto site was first announced in July 2020 and, with approval from the Foreign Investment Review Board, settled on 15 September for approximately $207 million, reflecting an initial yield of 4.76 per cent.
The site is strategically located close to the South Sydney Freight Line, the M5, M7 and Hume Highway in NSW and will now form part of Charter Hall’s expanded industrial and logistics property portfolio, the $5.2 billion Prime Industrial Fund. The site is fully leased to four automotive logistics tenants and is currently used for car import, storage and distribution, and has the potential to be developed as an intermodal rail terminal.
Real estate partner Deanne Ogilvie acted on all aspects of the sale, including undertaking vendor due diligence, preparing and negotiating the contracts, and attending to exchange and settlement of the sale.
“We have been acting for Qube for more than a decade and in regards to the Minto site for more than six years and are pleased to have assisted Qube on this sale. The site is a strategic property asset – well located, fully leased and with the potential to be developed as an intermodal rail terminal – and is a key addition to Charter Hall’s growing portfolio.”
In addition to the Minto site, Qube Holdings Limited is assessing funding and ownership options for one its most significant real estate sites, the Moorebank Logistics Park.