Macquarie Group continues US divestments

Australia-based Macquarie Group has sold its railcar logistics facility based north of Houston to funds managed by investment company CRIC, having been looking for a buyer since last autumn.

The railcar storage-in-transit facility is full leased to BNSF Railroad until the end of 2034, and includes options until 2044. It primarily serves the energy and petrochemical industries in the region.

The terms of the deal have not been disclosed, but Macquarie was believed to be seeking around $200 million. The sale follows the announcement last month of the disposal of Maquarie’s equipment finance business in the US, which was bought by US regional bank Huntington Bancshares for around $380 million.

Commenting on the most recent divestment, senior managing director at Macquarie, Matthew Lancaster said: “CRIC put forth a compelling value proposition to Macquarie. We felt comfortable passing the stewardship of this important facility to CRIC, given their impressive track record.”

Following the transaction, Macquarie will remain the owner and proposed developer of the 1500 acre Gulf Inland Logistics Park adjacent to the BNSF Logistics Facility.

The asset sales are pertinent as Macquarie’s financial year ends on March 31 and the company reports its annual earnings in May. Analyst estimates suggest Macquarie will report full-year net income of AUS$1.51 billion.

At its operational briefing last month, Macquarie’s chief executive Nicholas Moore said the group expects full-year profit to come in at the “upper end” of its forecast range of AUS$1.4 billion to AUS$1.52 billion. Of its six divisions, Macquarie has upgraded guidance for its corporate and asset finance unit most recently, citing improved trading conditions and a gain on the sale of a rail business. The same division this month announced a $4 billion acquisition of a portfolio of 90 planes from private equity giant Terra Firma.