Macquarie Group has assembled a consortium to acquire logistics firm Qube, with backing from Singapore’s Temasek, Malaysia’s GIC and the U.S. public‑pension fund CalPERS. The partnership signals a growing appetite for large‑scale infrastructure assets among sovereign wealth and pension funds.

The bid follows a competitive auction that drew interest from several global players. Temasek and GIC bring a combined equity stake of $1.2 billion, while CalPERS contributes $800 million in capital, underscoring the scale of the transaction.

Qube’s network of 19 rail terminals and intermodal hubs in Australia positions it as a key enabler of freight efficiency. The deal could consolidate market share and unlock synergies for the new owners.

With the Australian Competition and Consumer Commission scrutinising potential market concentration, the consortium’s composition will be closely examined to ensure compliance and protect freight market dynamics.