Moorebank Precinct Nominees Pty Limited as trustee for the Moorebank Precinct Land Trust, is a unit trust formed by MIC Land Trust and Qube. MIC Land Trust owns 65.63 per cent of the units within Moorebank Precinct Land Trust.

Moorebank Precinct Land Trust holds the Commonwealth land and Qube land via 99-year leases. Upon completion of each developed area, Moorebank Precinct Land Trust will sub-let the relevant developed land to a subsidiary of Qube for operation of the terminals and warehouses. Moorebank Precinct Land Trust is a nonoperational entity with its purpose being the collection and distribution of rental income, and management of the Commonwealth land and the Qube land as landlord.

The investment in Moorebank Precinct Land Trust was recognised at fair value. Upon financial close, an independent valuer was engaged to provide an indicative valuation based the discounted cash flow method, assessing the indicative fair market value of the entity. The mid-point value, using a discount of 7.2 per cent was $270.4 million, with the MIC Land Trust’s 65.63% share being $177.5 million.