Macquarie Asset Management has joined forces with LogiSPACE to launch an Australian logistics developer and funds management platform.
The new platform has been seeded with a site in Western Sydney earmarked for a A$238m (€145.7m) logistics development.
Sydney-based LogiSPACE, founded by Darren Searle and Troy Bryant, is transforming the 6.54ha site in Chester Hill into a 35,826sqm logistics estate comprising two logistics buildings.
Bryant, co-CEO of LogiSPACE, said: “The Villawood and Chester Hill areas have been going through a process of logistics renewal over the past few years. Our investment, alongside Macquarie, will see the site undergo a thorough and high-quality remediation process, facilitating the development of high- quality last-mile warehousing and distribution facilities to suit the varying operational needs of our customers.”
James Kemp, head of real estate Asia Pacific, Macquarie Asset Management, said: “We have known Darren and Troy for over a decade, having hired them both into a previous portfolio company where we were the largest shareholder. They naturally bring the market gravitas and real estate capability that we look for when establishing businesses with founders.
“Beyond this, they have already established a team culture in LogiSPACE that has resulted in an unprecedented level of inbound enquiry from high-calibre executives looking to join LogiSPACE.”
Searle and Bryant were executives with Australian-based pan-Asia logistics company Logoss, which was taken over and folded into ESR Group.
Searle, LogiSPACE co-CEO, said: “This partnership will leverage Macquarie and LogiSPACE’s experience in this sector to create and scale an institutional quality logistics platform.
“Logistics real estate is our heartland. We will focus on highly strategic opportunities where our unique set of skills and market expertise position us to add value in ways that many market participants cannot,” he said.
LogiSPACE will form part of Macquarie’s global portfolio of logistics real estate operators, which includes Logistics Property Co in the US, UIB in Asia and PLP in the UK, as well as FIBRA Macquarie’s platform in Mexico.
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