Mitsubishi Estate Asia (MEA) has formed a joint venture with the A$14bn (€8.4bn) Charter Hall Prime Industrial Fund to develop a state-of-the-art industrial and logistics estate in Melbourne.
The development is the first stage of a broader A$500m estate with development potential of up to 175,000sqm of lettable area, MEA said in a statement. The Japanese conglomerate added it would be making the investment through its subsidiary, MEC Oceania Investment.
Yosuke Matsunaga, MEA’s head of Australia, said: “The project aligns with MEA’s strategy to expand our investment in Australia through partnerships with leading operators, focusing on high-conviction locations and sustainable assets. We look forward to strengthening our partnership as we deliver this estate.”
David Harrison, managing director and group CEO at Charter Hall, which manages the Prime Industrial Fund, said: “Through this partnership, we will deliver a brand new, state-of-the-art facility that strengthens our capacity to service significant tenant customer demand in a tightly held pocket of western Melbourne.”
Located in Melbourne’s core inner-west, Laverton North is a highly sought-after industrial precinct where Charter Hall has an existing footprint, with long-term leases to a range of major tenant customers, including leading supermarket chains and Australia Post, the national postal service.
Construction of the project started in January 2026, with practical completion slated for November.
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