HWL Ebsworth has acted for AXA Investment Managers Alts (AXA IM Alts), a member of the Logos Australia Moorebank Venture (LAMV), on the proposed acquisition of a portfolio of warehouse and property assets from the Qube group at Moorebank Logistics Park in south western Sydney for approximately A$1.67 billion. LAMV is a consortium comprised of AXA IM Alts, AustralianSuper, New South Wales Treasury Corporation, Ivanhoé Cambridge and Logos. The five investors will inject approximately A$1.36 billion in equity commitments into the LAMV by completion, expected to take place in later 2021, and around a further A$312 million on a deferred basis.
The Moorebank Logistics Park is Australia’s largest freight infrastructure project and post-development is expected to be valued at approximately A$4.2 billion.
The Australian east coast logistics hub is also anticipated to have the capacity, on completion of development, to move 1.5 million shipping containers a year by rail instead of road, which could take more than 2,600 heavy truck movements off Sydney’s roads each day.
The HWL Ebsworth corporate and commercial team was led by partner James Lonie and partner Natalya Hards, with assistance from associate Wai Lam Au and solicitor William Crammond. The HWL Ebsworth corporate and commercial team was assisted by the HWLE tax team which was led by partner Nima Sedaghat and special counsel Dhanushka Jayawardena.
It is the first logistics investment in Australia for HWLE client AXA IM Alts, which manages more than €4.8 billion of logistics assets globally.
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