The industrial arm of Singapore-listed Frasers Property Limited has secured a 73.4-hectare land in Western Sydney for an industrial estate.
Frasers Property Industrial said it has invested an undisclosed sum in buying the land in Kemps Creek for the A$1bn (€674m) industrial estate.
The new project is located within a short distance of The YARDS, a billion-dollar project jointly developed by Fraser Property Industry, Aware Super and Altis.
Roland Martin, general manager-NSW, at Frasers Property, said: “Frasers Property Industrial’s latest acquisition in Kemps Creek will grow our strategic landbank in Sydney’s west, where there has been a shortage of developable industrial land.”
Ian Barter, executive general manager at Frasers Property Industrial, said the company now had had a strong development pipeline in Australia in the past two years.
At March 31, the company had a portfolio of completed logistics assets valued at S$5.4b (€3.9bn) in Australia.
Frasers Property Industrial has also been expanding into the UK and Europe. Its combined portfolio of assets in Australia, UK and Europe totalled S$10.9bn at 31 March 2022.
To read the latest edition of the latest IPE Real Assets magazine click here.