Australian property group Mirvac and its existing capital partner, Australian Retirement Trust (ART), have launched a A$370m (€230m) industrial investment partnership.

Australian super fund ART will invest 49% in the newly created Mirvac Industrial Venture (MIV) with Mirvac holding the remaining 51% stake in the partnership which will be seeded with Switchyard, a 72,000sqm facility currently under construction in Auburn, in Sydney’s west.

ART’s head of global real assets Michael Weaver said: “Australian Retirement Trust is very pleased to invest again with its existing partner, Mirvac, as we grow the relationship to over A$1bn in assets, with the potential for more to come.

“We look forward to seeing these investments come to fruition to contribute to the retirement outcomes for our 2.2m members across Australia.”

Mirvac’s Group CEO and managing director, Campbell Hanan, said the venture would allow Mirvac to build its industrial and logistics exposure, where it continued to see strong fundamentals. The group would continue to redeploy capital into other development opportunities, deliver its current pipeline, and provide additional revenue streams.

MIV represents an expansion of Mirvac’s and ART’s existing relationship. Last financial year, Mirvac entered an agreement with ART to manage ART’s A$800m direct property portfolio, with Mirvac selling down a 49% interest in the Locomotive Workshop, a business park in inner Sydney, as part of the transaction.

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