Charter Hall’s flagship industrial and logistics fund has acquired the interest in 35 hectares of master-planned approved industrial land for the development of a A$300m (€190m) logistics facility.

The Charter Hall Prime Industrial Fund (CPIF) has entered a five-year development management agreement with Western Sydney Parklands Trust (WSPT) to develop the Light Horse Business Hub located at Eastern Creek, in Sydney’s west.

Upon completion of each new facility, CPIF will enter a 90-year ground lease providing an annual annuity to the trust that will contribute to the cost of operating, maintaining and enhancing the Western Sydney facility.

Charter Hall’s managing director and group CEO, David Harrison, said the transaction was the third the group had undertaken with WSPT.

He described the property as “one of the last significant infill greenfield industrial development sites” east of the major M7 toll road which was capable of accommodating growing demand for large industrial and logistics facilities in Western Sydney.

CPIF’s fund manager, Richard Mason, said the acquisition “replenished CPIF’s Sydney land holdings”.

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