Australian industry super fund UniSuper has bought a 50% share in a Dexus-managed logistics fund from Korea’s National Pension Service (NPS) for around A$560bn (€342m).

The A$120bn super fund becomes a co-investor with Blackstone and Dexus in the A$1.1bn Australian industrial partnership.

NPS bought into the Dexus fund, which then had a portfolio of just 13 logistics assets valued at A$360m, in 2012.

The deal gives UniSuper exposure to a portfolio of more than 20 assets, of which 12 are in the Quarry Industrial Estate in Greater Western Sydney. The remaining eight assets are situated in the highly-sought-after core industrial market of Truganina, Melbourne

Nick Stephens, senior manager of property at UniSuper, said: “The investment adds to our A$7.3bn unlisted property portfolio. The transaction highlights UniSuper’s ability to transact swiftly without the need for debt funding or regulatory approvals.”

UniSuper’s industrial property mandate was handled by real estate investment manager Richmond Bridge.

Peter Wylie, Richmond Bridge’s CIO, said that, with fewer buyers in the market, the transaction was done at an “attractive entry price”.

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