Australian superannuation fund UniSuper has acquired a A$260m (€157m) industrial site in Melbourne from multinational mining and infrastructure solution provider, Orica.

The A$120bn super fund purchased the 66-hectares of the surplus land in a prime warehouse, logistics and manufacturing greenfield development site in Deer Park, on the outskirts of Melbourne.

UniSuper, in partnership with asset manager GPT Group and developer HB+B Property, plans to transform the site into a A$1bn logistics, warehousing, and manufacturing hub with more than 330,000sqm of space.

UniSuper’s senior manager of property, Nick Stephens, said: “This super prime parcel of industrial land further improves the quality of our diversified unlisted property portfolio and adds to our exposure to the logistics and warehousing sector following on from other recent acquisitions.

”The transaction highlights UniSuper’s ability to secure high quality property investments that help our members grow their retirement savings.”

GPT’s head of separate accounts, Greg Paddison, said: “The acquisition of surplus land at Deer Park for UniSuper is a testament to our ability to acquire, develop and manage high-quality real estate investments together with our mandate clients.

”We continue to leverage our expertise and experience to deliver strong outcomes for our capital partners and provide further growth opportunities in time.”

Orica said the sale would allow the company to continue to focus on its core manufacturing and customer operations at Deer Park. It said the remaining surplus land at the site (stage 2) is expected to be offered to the market in the future, pending the completion of remediation activities, securing approvals from relevant authorities, and supportive market conditions.

 To read the latest IPE Real Assets magazine click here.