A subsidiary of the Abu Dhabi Investment Authority (ADIA) has committed fresh equity to the Logos-managed flagship fund, Logos Australian Logistics Venture (LALV).
Logos said the capital would give the venture additional investment capacity and allow it to grow its gross asset value by at least A$1bn (€624.5m) to more than A$5bn.
IPE Real Assets understands that LALV has become ADIA’s single largest exposure to Australia’s property market.
It has invested in Australia over several decades, and it is thought that the global investor continues to see “compelling opportunities” in multiple sub-sectors of Australian real estate, and expects to remain active in the market.
Logos established LALV with the ADIA subsidiary as the majority shareholder, in November 2014 to acquire and develop prime logistics assets in Australia.
Logos’ head of funds management, Australia and New Zealand, Sean Singh, said the top-up investment had come after LALV had “a very successful initial investment period”.
“This has seen LALV deliver strong returns while building one of Australia’s highest quality logistics portfolios, benefitting from LOGOS’ significant development pipeline and leveraging its tenant customer relationships in the Asia- Pacific region,” he said.
The new equity would be deployed on acquisition of additional major development sites, of which LOGOS had a number in exclusive due diligence.
LALV’s portfolio currently consists of nine, large multi-tenanted logistics estates with a total end value of A$3.7bn, including a major stake in the recently-acquired Qantas Sydney Airport Precinct.
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