Logos has formed a venture with KKR and the government of Abu Dhabi’s Mubadala Investment Company to develop logistics facilities across Australia.
Logos has seeded the venture with an 18.2-hectare development site in Wacol, Brisbane, acquired from Fletcher Building. Upon completion, the 95,000sqm Logos Wacol Logistics Estate is anticipated to have an estimated value in excess of A$200m (€128m).
Logos is to co-invest with KKR and Mubadala in the venture, which follows similar development joint ventures by the company with the likes of Singapore’s GIC and Partners Group from Switzerland.
It is Mubadala’s entry investment into Australia’s logistics market.
KKR is making its investment from its Asia Real Estate Partners fund.
Logos’ head of Australia and New Zealand, Darren Searle, said: “We see the Wacol property as a strategic seed asset for this venture.”
Searle told IPE Real Assets that the partners would be developing assets to hold.
“The plan for this venture is to focus primarily on the eastern seaboard states to develop modern logistics assets. We would like to have it grow quickly to around A$1bn worth of products.”
He added: “We have a broad remit to source products for this new venture. There is a portfolio and a pipeline that we are purposing for the new venture and we will be able to feed into it as we go forward.”
Logos, now majority-owned by Singapore’s ARA, is competing for Blackstone’s Milestone Logistics, the largest logistics portfolio currently on the market in Australia, and is in the throes of finalising the A$1.65bn purchase of Moorebank Logistics Park in Sydney from Qube Holdings.
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