Morgan Stanley Real Estate Investing (MSREI) has formed an equal partnership with Lendlease to purchase a portfolio of logistics assets with a developed value of about A$430m (€266m).

The portfolio, consisting of five completed logistics facilities and three development sites, was purchased from a private Australian logistics group.

Industrial properties developer EMKC sourced the portfolio and is to manage the development projects for the partners.

“We aim to grow this platform over time with a focus on develop-to-core assets, including further potential opportunities with EMKC, said Scott Mosely, managing director, Lendlease Investment Management.

Mosely said the joint venture would open up further opportunities for development in the sector, which had become increasingly attractive to investors.

Edward McKenna, director and co-founder, EMKC, said: “With a strong focus on medium- to large-format industrial and logistics development across the East coast of Australia, EMKC is well-placed to provide an ongoing pipeline of develop-to-core assets for the partnership over coming years.”

To read the digital edition of the latest IPE Real Assets magazine click here.