Australian property fund manager ISPT and Sydney-based real estate investment manager Aliro have acquired a site on the outskirts of Melbourne for A$95m (€60m) from European transport group IVECO.
The site in Dandenong South, currently home to the manufacturing facility of IVECO, would be redeveloped into a premium logistics centre, the companies said.
Daniel Telling, a manager with selling agent Colliers, said: “This transformational result will see IVECO embedded to the precinct for the foreseeable future within their innovation hub that will be delivered in partnership with the purchaser.”
Telling described the asset as “one of the largest and most well-known sites of scale within the premier South-East Melbourne industrial and logistics market”.
Dandenong South is one of Australia’s longest-established industrial precincts with an extensive history in manufacturing and logistics, due to its proximity to Melbourne’s Southeast growth corridor and skilled workforce, just 30km from Melbourne CBD.
Colliers managing director, Gavin Bishop, said: “Dandenong South is a land-constrained market with exceptionally strong rental and capital growth prospects. These will further benefit from the rapid growth of e-commerce.”
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