Hines’s flagship Asia Pacific core-plus fund has bought two logistics sites in Melbourne, Australia for its first major “ground-up” development for a combined investment of around A$86m (€58m).
The first property in Tullamarine, adjacent to Melbourne airport, would be redeveloped after the present occupant, the Japanese car company, Honda, vacates the site in early 2024. The second property acquired by Hines Asia Property Partners is a freestanding office/warehouse building in suburban Campbellfield, which is being redeveloped into a mixed-use business park.
“Throughout the Asia-Pacific region, we are seeing sustained demand for Hines’s next-generation facilities, and we intend to strategically invest and deliver this type of product,” said Ng Chiang Ling, CIO Asia-Pacific at Hines.
“These new Australia acquisitions add further scale to Hines’s growing industrial and logistics platform in the region, and help expand our investors’ exposure to the dynamic logistics sector across Asia-Pacific.”
Since 2020, Hines has secured 11 logistics assets in Asia-Pacific totalling 633,192sqm over seven cities in Australia, China, Japan, South Korea, and Singapore, she added.
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