Assets and leases held by Westgate at Victoria Dock in Melbourne have been bought by Qube Logistics in a deal worth A$47m (US$49.3m).
Westgate has an 18-year lease remaining covering about 17 hectares of land at Victoria Dock including vessel berths, rail terminal, warehousing and hardstand.
Qube said the transaction gave it a “long-term tenure on a major site located within Australia’s busiest container port precinct".
The company expects to make a significant investment developing capacity over the next 18 months. The deal is to be partially settled through the issue of Qube shares.
