An Australian logistics development joint venture, comprising Logos, KKR and Abu Dhabi’s Mubadala Investment Company, has acquired two industrial sites for a A$640m project.

The build-to-core partnership has bought the in Huntingwood, in Sydney’s West, and an infill site in the inner-Melbourne suburb of Reservoir.

Logos’ head of Australia and New Zealand, Darren Searle, said the transactions reflected the venture’s investment strategy to acquire and develop logistics facilities across Australia’s core markets.

Searle told IPE Real Assets that the sites had been zoned and, over the next six to 12 months, Logos would obtain the final approvals to begin construction, hopefully by the end of the year.

He told IPE Real Assets that on completion these two projects would increase the portfolio’s end-value to around A$900m.

The three parties formed the venture in April last year, seeding it with a site in Wacol, Brisbane, which is currently under construction. At the time, the partners said the target was to build up a billion-dollar portfolio.

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