Circular to Shareholders

Montague warehouse announcement

Brisbane Markets Limited (BML) has announced that it has reached agreement with Montague to lease a new state-of-the-art purpose built cold storage facility to be constructed at the iconic Brisbane Markets® site in Rocklea.

The $17.5 million project follows an 18 month design development and approvals process involving Montague, BML and architects, dwp.

Montague is an established, third generation Australian business involved in the production, warehousing and marketing of apples, pears, stone fruit and exotic fruit. Montague has business operations in Victoria, Tasmania, New South Wales and Queensland and is a well-known and highly regarded business in the fresh produce industry.

This latest exciting project follows on from the opening of the new Multi-Level Car Park just last month.

The state-of-the-art 5,578m2 refrigerated warehouse, will be the centre of Montague’s Queensland operations and includes cold rooms, ripening rooms, a consumer packaging area, battery charging area, loading and finger docks and offices over two levels.

The warehouse refrigeration system will be an environmentally friendly ammonia glycol system, one of the best compromises available when balancing operating costs, safety and environmental impacts.

Montague, which has expanded its fresh produce reach to include exporting on top of its bustling domestic wholesaling business, services independent fruit shop owners and major retailers.

The project has been put out to tender and BML expects to announce the successful tenderer for the construction of the building over the coming two weeks.

Further to my Circular to Shareholders dated 23 February 2018, this announcement highlights BML’s ongoing focus on major capital expenditure projects which support site upgrading and growth. This project is one of a number that BML is currently looking to progress over the coming 12 – 18 months.

In this regard, the Board will now be progressing its deliberations in relation to raising additional equity to assist funding this ongoing growth. As previously indicated, any capital raising progressed by BML may require a disclosure document, and anyone wanting to participate, will need to apply under the disclosure document issued by BML at that time.

Andrew Young
Chief Executive Officer


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