Australia’s A$67bn (€42bn) Cbus Super has taken a 33.3% stake in a new A$1.3bn (€813m) joint venture with Dexus.
The joint venture will own Jandakot Airport and a large parcel of land in Perth.
Dexus foreshadowed bringing in a capital partner when it secured the airport and an adjoining industrial estate of 49 properties and 80 hectares of developable industrial land last September.
Dexus will own a 33.4% interest in the venture, with Cbus Super and the listed Dexus Industria REIT each owning a 33.3% stake.
Christian Fok, Cbus Super’s CIO said the super fund was attracted to the opportunity because it provided a large-scale investment which, on completion of development, would comprise an industrial and logistics estate with more than 700,000sqm of lettable space.
“The asset has the benefit of established infrastructure, including an airport, existing modern leased industrial and logistics assets and significant development potential which is expected to enhance returns in future,” Fok said.
Alexandra Campbell, Cbus Super’s head of private markets and infrastructure, said: “This investment is in line with our strategy to increase our direct property investments via joint ventures with a select number of partners.”
Dexus CEO, Darren Steinberg said: “We are pleased to be able to secure additional third-party capital for this opportunity, aligning with our focus to grow our funds management business.”
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