Logos continues to increase presence in Melbourne's logistics market
Pan-Asian logistics group Logos has acquired a large distribution centre in Melbourne, its third purchase there in the past month.
The acquisition price has not been revealed, but IPE Real Assets understands it was AUD119m (€76m).
The latest investment, Kmart Distribution Centre, and Logos’ two other acquisitions are all located in the established industrial suburb of Truganina, in the west of Melbourne.
Logos has also bought an industrial development site at Truganina. This is earmarked for a modern logistics estate and will offer 160,000sqm of lettable space.
“Truganina is one of Australia’s core industrial locations with many large logistics operators, including [supermarkets] Coles and Woolworths, operating from this suburb,” said Darren Searle, Logos’ newly-appointed head of Australia and New Zealand.
He described the Kmart Distribution Centre as a strategic addition, and said it further strengthened the Logos Melbourne portfolio.
Group CEO Tom Lee said Logos’ Australian business had grown significantly over the past few years, during which LOGOS had built a strong portfolio across key logistics corridors in Melbourne, Sydney, Brisbane, Perth and, most recently, Auckland in New Zealand.