Morgan Stanley Real Estate Investing (MSREI) has formed an industrial logistics partnership with Australian property group Mirvac.
The new vehicle, known as Mirvac Industrial Logistics Partnership (MILP), has acquired two industrial properties in Victoria for AUD65.5m (€43.7m).
Mirvac’s head of office and industrial, Campbell Hanan, said: “The establishment of this partnership is another step in the execution of our stated capital partnering strategy.
“The sale of these assets to seed this partnership provides a catalyst for continued growth in order to build scale for Mirvac’s industrial business.”
MSREI’s Prime Property Fund Asia, an open-ended core fund, bought a 50% stake in a Mirvac commercial development at 664 Collins Street for AUD138m in July this year.
Mirvac and MSREI expect their partnership to grow through market acquisitions and from Mirvac’s development pipeline.
MILP will focus on core and value-add industrial opportunities on the east coast of Australia.
Mirvac said in a statement today that it is retaining 10% ownership of MILP.
Mirvac will administer the trust, act as its property manager, and provide development management services.