Sydney-based Elanor Investors Group has established a joint venture with ICON Developments, the wholly-owned Australian subsidiary of Japanese listed property group Kajima, to assemble a A$250m (€152m) prime logistics portfolio in Australia.

The joint venture has entered exclusive due diligence for its first acquisition, a brownfield development opportunity in the north of Melbourne, Victoria.

Elanor’s co-head of industrial, Amneet Dari, said: “The joint venture creates the opportunity to programmatically build an industrial real estate portfolio with a pipeline to develop high quality industrial and logistics facilities in a supply constrained environment.”

Elanor recently established its industrial and logistics capability with the appointment of Amneet Singh Dari and Myron Poobalasingam as co-heads of industrial.

Elanor CEO Glenn Willis said: “We are pleased to announce the establishment of this institutional joint venture in the industrial and logistics real estate sector. We are positive in regard to the growth prospects for our industrial division, leveraging the group’s scalable real estate funds management platform and investment track record.”

The joint venture with Elanor marks the diversification from residential projects for Kajima’s ICON Development since entering Australia in 2015. Kajima is one of Japan’s oldest and largest construction companies with a network of offshore operations.