The open-ended Dexus Wholesale Property Fund (DWPF) and listed real estate investment trust Dexus have acquired an industrial site in Australia for a AUD480m (€306m) development project.

Dexus and DWPF, which manages AUD9bn of assets, will each acquire a 50% interest in the 127-hectare site in Ravenhall, Victoria.

The site is located in the core West Melbourne industrial precinct and is set to benefit from its proximity to the proposed Western Intermodal Freight Terminal.

Dexus plans to develop up to 380,000sqm of prime commercial and industrial property on the site over the next five to seven years.

The group also announced the purchase of two other industrial sites in western Sydney and Brisbane to replenish its industrial development pipeline in core locations.

The collective acquisition price of the three sites is AUD188m.

Settlement is expected to occur across two tranches in December 2018 and August 2019.

Ross Du Vernet, Dexus chief investment officer, said the planned developments, with a combined end value of AUD700m, provide the opportunity to leverage the group’s development and leasing capabilities and track record in each of these markets.

“Since 2010, we have developed and leased 39 industrial development projects across 730,000sqm in Sydney, Melbourne and Brisbane,” he said.