News: Qube buys $47M Melbourne assets

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Qube Logistics Holdings Limited (ASX:QUB) has inked a deal to buy the assets of Westgate Ports at Victoria Dock in Melbourne for about $47 million.



The logistics business says the acquisition provides it with long-term tenure on a major site located within Australia’s busiest container port precinct. 



The transaction is still subject to conditions but is expected to be funded through Qube’s existing cash and debt facilities and to be completed this month.



Qube expects the purchase will not have a material impact on its short term earnings and that it will have significant capacity to grow its Melbourne operations on the site over the medium to longer term.



In the half year to December 31, 2011 Qube reported a net profit of $9 million.