TCorp, the NSW state government’s investment and financial management arm, has partnered with pan-Asia logistics group Logos to buy two Australian logistics assets for A$172m (€104.5m).

The partners acquired two distribution centres from Sigma Healthcare in Kemps Creek, in western Sydney, and Berrinba in Brisbane in a sale and leaseback deal.

It is the first joint venture between Logos and TCorp, which, in March, appointed LendLease to manage its A$1.6bn property mandate.

Logos said its partnership with TCorp was focussed on assembling a premium core logistics portfolio, underpinned with high-quality, well-leased assets in strategic locations across Australia.

TCorp, with A$103bn in assets under management at 30 June 2020, had A$11.1bn invested in property and infrastructure.

Logos’ head of Australia and New Zealand, Darren Searle, said that the transaction was in line with Logos’ strategy of focussing on the pharmaceutical sector.

“We will look to further expand into the sector over coming years as we extend our reach across the Asia-Pacific region,” he said.

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