LOGOS, in a partnership created last year with KKR and Mubadala Investments, has snapped up two east coast development sites with plans for multi-unit, last mile logistics parks estimated to be worth a total of about $640 million upon completion.
In the biggest deal, the manager is paying building materials and homeware giant China Lesso a speculated $200m for a 21.56 hectare block in Augusta Street, Huntingwood, about 34 kilometres west of Sydney.
Until 2016, the land, also with frontage to the M4 and Great Western Highway, was controlled by the state government.
LOGOS head of Australia and New Zealand, Darren Searle, said it is one of the last remaining industrial zoned properties in Sydney’s central west capable of delivering a large-scale, prime-grade estate.
“With strong connectivity to key transport infrastructure, the estate will be able to support the increasing demand from e-commerce, transport and logistics customers looking to service western Sydney’s growing residential population,” he added.
The end value of the business park is estimated to be about $540m.
LOGOS invests again in Melbourne’s north
Meanwhile in Melbourne, LOGOS is paying nearly $40m for a 7.8ha amalgamation of sites in Radford St, Reservoir.
The holding is understood to include the ex-William Ruthven Secondary College, on 5.3ha (outlined, image, top), and former Linh Son Temple (2.43ha) but this couldn’t be confirmed with the marketing agents, Fitzroys’ Brent Glassford and Marco Sandrin.
An industrial park speculated to be worth about $100m upon completion is planned (story continues below).
“At the Reservoir site we will be delivering a prime grade estate which will benefit from its infill location, flight to quality from local occupiers and speed to income through a timely and efficient development programme,” LOGOS general manager, Development, Victoria, Myron Poobalasingam said.
Elsewhere in Melbourne’s north, in partnership with Ivanhoe Cambridge, LOGOS is building an industrial estate on a 25ha former Woolworths distribution centre at Broadmeadows acquired for $50.2m in mid-2020.
Also two years ago LOGOS paid Time & Place $70m for a 9.7ha business park, then under construction, at Epping.
Following completion of the Huntingwood and Preston business parks, the LOGOS partnership, which aims to acquire and develop modern logistics facilities in Australia’s major markets, will control about $900m of industrial product.
The entity was created last April with the purchase of an 18.2ha block in Brisbane’s Wacol, now being replaced with a warehouse following a pre-commitment.
Also last year, LOGOS in partnership with AustralianSuper, Ivanhoe Cambridge, AXA IM Alts and the NSW Treasury Corporation’s TCorp, paid Qube $1.67 billion for the Moorebank Industrial Park.
Four months ago, the manager with the Abu Dhabi Investment Authority and AustralianSuper outlaid $802m for a collection of sites measuring a total of 13.8ha around Sydney Airport.
That seller was Qantas.
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