Update from Bridget as of two weeks ago - something was...

Update from Bridget as of two weeks ago - something was happening ‘within days’ but her calendar was out?

https://www.theaustralian.com.au/bu...k/news-story/a1418b1ccdcf985501d1393811f4a4ec

Logos squares up for Qube’s Moorebank logistics park

The yet-to-be-completed Moorebank intermodal facility, in southwest Sydney, is the largest in the country, with the park covering 243ha.

• BRIDGET CARTER
  DATAROOM EDITOR
  
• 9:00PM SEPTEMBER 13, 2020

Bidders for Qube’s $2bn Moorebank logistics park are expected to learn the outcome of the sales process within days.

Charter Hall, Blackstone, Dexus Property Group, Logos Group, ESR, which is backed by Warburg Pincus, and Kohlberg Kravis Roberts were all earlier in the mix, but KKR withdrew.
Previously, some suspected that Logos would leave the competition, with the group beaten by other heavyweights that could secure more funding, but now the suggestions are that it may have put forward a strong price for the prized Sydney industrial park and win the competition.

Others said it was too soon to determine an outcome.

Logos is an Australian-based logistics property specialist with operations across the Asia Pacific, with ARA Asset Management as a major shareholder.

ARA has $88bn in gross assets under management globally.

Other investors are Canadian real estate investor Ivanhoe Cambridge, which has $C64bn ($67bn) of real estate assets globally, and Logos founders, including joint managing director John Marsh.





In Australia, Logos has 1.2 million square metres of logistics real estate across 13 properties and it manages other industrial portfolios globally, including the ARA Logos Logistics Trust, a Singapore-listed real estate investment trust with 27 properties across Singapore and Australia.

Working on the sales process since late last year is the outgoing head of real estate at UBS, Tim Church, who will soon move to Morgan Stanley, where he will be chairman in Australia after handing in his resignation to the Swiss bank in recent weeks.

It is understood that final bids were received a number of days ago and a meeting was held about the process on Friday.


Most expect Qube to sell between 50 and 75 per cent of the logistics park’s land trust and warehouse trust, worth $2bn, with Qube to retain the terminals trust.

However, it is thought that at least one bidder may have put forward an approach to buy all of the asset.

The deal could shape up as the largest mergers and acquisition transaction during 2020 in the real estate space.
While the global health crisis has weighed on landlords, the industrial property sector is seen as one of the most resilient, with online shopping in strong demand and offering some relief to the economic fallout.

The yet-to-be-completed Moorebank intermodal facility, in southwest Sydney, is the largest in the country, with the park covering 243ha.
It is being developed on a precinct comprising land owned by the commonwealth and adjacent to land owned by Qube.
Woolworths is a key tenant.
Qube is selling the logistics park at a time that it is investing capital into its business.

In April, it raised $500m in equity to lower its debt levels, which are now at about 26 per cent of its earnings.






The AFR said Moorebank is as big as the Sydney CBD ( https://www.afr .com/street-talk/property-players-size-up-qube-s-2-5b-logistics-portfolio-20200205-p53xul

On my non-sophisticated interpretation of the Qube chart, CoVid-19 was the worst thing that ever happened to Qube but I suspect there is more to that big exodus ? (Like  a $500M entitlement offer at $1.95 a share?)

@Saragian have you ever looked at this company with your more sophisticated eyes?
Does Qube have good technicals? (and thank  you in advance if you have time to look/post....)

Spoiler : 30/04/20 Entitlement Offer

http://pcm-dev1.com/2020/04/30/qube-announces-500m-entitlement-offer/
Qube announces $500M entitlement offer

STAFF WRITERApril 30, 2020, 12:00 am


Transport and logistics company, Qube, is launching a $500 million fully underwritten 1 for 6.35 accelerated non-renounceable entitlement offer at $1.95 per share to provide additional balance sheet flexibility to pursue growth opportunities.

“Despite the near term challenges of COVID-19, our diversified business remains resilient and our long term strategic growth priorities remain unchanged,” said Qube Managing Director, Maurice James.

“Qube has a long track record of investing across its core business, including through acquisitions to diversify its capabilities and operations and provide a platform for long term earnings growth.

“We maintain a significant pipeline of organic and inorganic opportunities, and only expect this to increase in the current environment,” he said.

James said the entitlement offer will leave the business “conservatively geared, with significant balance sheet flexibility and liquidity to continue to pursue this robust growth agenda”.


Qube, as of 31 March 2020, had liquidity (cash and undrawn facilities) of $470 million after adjusting for the FY20 interim dividend, with no near term debt maturities, and material headroom to its covenants.

Qube is also in advanced stages of finalising commitments with existing lenders for $200 million in additional facilities.
In combination, with the entitlement offer, these initiatives will reportedly provide Qube with over $1,150 million of total liquidity.
This liquidity will support funding of the anticipated ~$420 million of minimum expected capital expenditure over the period from April 2020 to June 2021, including: maintenance capex; capex to support Bluescope, Shell, BHP Nickel West contracts and new equipment to support growth and productivity across the Operating Division; completion of additional warehousing at Moorebank Precinct East; and land preparation and precinct infrastructure works at Moorebank Precinct West to support the potential major new tenant and progression of the IMEX automation.

The entitlement offer, according to Qube, will also support additional growth opportunities across the business, including new contracts and projects across the Operating Division, strategic acquisition opportunities and potential accelerated warehousing development at the Moorebank Logistics Park expected to be driven by the finalisation of the agreement with the potential major new tenant.

Qube also continues to win new business and expand the scope of services provided to existing customers within the Operating Division.
In FY20, Qube has undertaken capex to support several attractive new growth contracts, such as:

• BlueScope Steel Limited to provide East Coast interstate steel train services and intermodal terminal operations at Qube's North Dynon facility in Melbourne.
• Shell Australia to provide supply base management, as well as various other logistics services.
• BHP Nickel West which includes the construction and maintenance of a haul road and the provision of nickel ore haulage services.

In addition, Qube continues its strong track record of delivering growth in its core businesses and through acquisitions and is delivering synergies and operational benefits from recent transactions, including:

• The acquisition of the remaining 52.8% interest in Quattro Grain JV Qube did not previously own.
• The acquisition of New Zealand based NFA Holdings, which will provide Qube with additional geographic diversification, increased scale in its forestry operations and adds capabilities and equipment.
• The acquisition of Chalmers to further develop Qube's logistics business in both Victoria and Queensland.
• The acquisition of LCR Group, which provides Qube with the ability to deliver enhanced mining and industrial services to its existing and future customers.