Brookfield has acquired an industrial site on the east coast of Australia from MaxCap Group and Time & Place for a price believed to be around A$90m (€59m).
The site in Sydney’s west has been designated for environmentally-sustainable logistics facilities, with an estimated value of A$350m upon completion.
Brookfield’s head of real estate investments, Ruban Kaneshamoorthy, said: “There is a scarcity of such facilities in Sydney’s infill market and this asset will help relieve some of those supply constraints while offering strong connectivity to key transport and road infrastructure.”
Kaneshamoorthy said the site was Brookfield’s first Sydney logistics asset in the important central-western Sydney hub of Villawood.
MaCap acquired the 12.6ha property in May 2021 for its MaxCap Industrial Opportunity Fund (MIOF) for more than A$70m.
MapCap brought in a developer, Time & Place, as its joint venture partner, with an initial plan to construct a smaller project before upscaling it for sale.
Simon Hulett, head of direct investment at MaxCap Group, said: “When we launched MIOF in 2019 with Time & Place, the investment thesis centred around taking advantage of a structural shift in Australian industrial land markets, specifically the growth that we forecast in industrial land values in core locations.”
Chris O’Keefe, director of Time & Place Commercial, said the partners had added value to the site and obtained development approvals which would enable Brookfield to take the development forward within its industrial portfolio.
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