The Australian industrial arm of Singapore-listed Frasers Property has acquired a 41-hectare site in Melbourne’s north for A$87m (€53m).

Frasers Property Industrial bought the industrial land parcel, earmarked for a new master-planned estate, from Cadence Property and a private vendor.

Cadence and Frasers will also deliver a suite of infrastructure to the Craigieburn North Precinct.

Andrew Hanna, general manager-Victoria, at Frasers Property Industrial, said: “The acquisition aligns with our aim to boost our development pipeline in well-connected corridors close to transport and worker populations.”

Hanna said the transaction aligned with Frasers Property Industrial’s strategic objective to grow its development pipeline in tightly-held areas across the Eastern seaboard. Frasers’ land bank stands at 2.2m sqm.

Charlie Buxton, CEO at Cadence Property, said his company had “strategically” acquired around 100 hectares in the Precinct over the past two years.

“This deal is reflective of our approach of staying flexible with how we deliver and monetise our holdings over time,” he said. “Together with this transaction, we are continuing to develop our adjoining 65-hectare, A$650m industrial estate, Kinetic Business Park.”

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