Brookfield has acquired a new multi-unit logistics development, Cornerstone Logistics Estate, located within the Nepean Business Park in Penrith, Western Sydney, for an undisclosed price.
On completion, the investment by its real estate arm will deliver approximately 47,000sqm of premium logistics space across 13 high-specification warehouse units, designed to accommodate a broad range of occupiers in one of Australia’s fastest-growing logistics markets.
Ruban Kaneshamoorthy, Brookfield co-head of real estate in Australia, said: “The long-term fundamentals supporting Australia’s logistics sector remain compelling.
“Western Sydney continues to benefit from strong population growth, infrastructure investment and evolving supply chains, making it one of Australia’s most attractive logistics markets.”
Kaneshamoorthy said Cornerstone Logistics Estate complemented the group’s growing Australia and New Zealand portfolio and reflected its strategy of building a high-quality logistics platform focused on well-connected locations that have strong long-term demand.
Brookfield is developing the site in conjunction with the owner of Nepean Business Park, Precinct Capital, an Australian-owned private family investment office that has been investing in property along the eastern seaboard since 1981.
Brookfield will oversee the development and are responsible for leasing and asset management. The project is expected to reach practical completion in mid 2027.
Danny Poljak, Brookfield co-head of real estate in Australia and president of BGRE Australia, said: “Well-located, high-quality estates with flexible warehouse configurations are increasingly difficult to secure in Western Sydney where vacancy remains constrained despite new supply.
“With 11-metre internal clear heights, extensive loading capability and flexible tenancy sizes, Cornerstone Logistics Estate will be well suited to a broad range of industrial and logistics users,” Poljak added.
Brookfield’s Australia and New Zealand logistics portfolio now comprises 10 investments, with about 850,000sqm of next-generation warehouse space either in operation or under development and a completed value of A$3bn (€1.85bn).
Brookfield ‘s global industrial portfolio is worth US$24bn (€20.6bn), and its holdings span approximately 165m square feet across five continents.
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