MIC’s corporate structure includes two wholly owned subsidiaries created to facilitate the delivery of MIC’s obligations under the agreements:
MIC Land Trust, which entered into the Commonwealth Head Lease at financial close and in turn sub-leased the Commonwealth land into Moorebank Precinct Land Trust, will receive MIC’s share of the distributions from Moorebank Precinct Land Trust generated from the ground rent received; and
MIC Rail Trust, which is funding the rail access infrastructure connecting Moorebank Logistics Park to the Southern Sydney Freight Line, and in return will receive the rail access charge for the full term of the 99-year leases. MIC Rail Trust has no role in operating and maintaining the rail access, being the responsibility of Qube.
The structure diagram below sets out the transaction structure as well as MIC’s corporate structure.