Logos and Partners Group have teamed up to buy an industrial infill site in the Australian state Queensland for an undisclosed sum.
No financial details were given, but IPE Real Assets understands that, on completion, the facility would be worth AUD100m (€64m). The purchase was made on behalf of a private client of Partners Group.
The 22.16 hectare site at Southport is located within an established industrial precinct, and will be developed during 2018 into a modern logistics estate with up to 100,000sqm of gross lettable area.
Trent Illiffe, Logos joint managing director, said: “The Southport property is a strategic acquisition in a tightly-held market and represents the last scalable infill industrial site in the region.”
Logos, the Asia-Pacific logistics specialist, will draw up a master plan for the industrial estate. After allowing for the proposed logistics facility, it expects to have surplus land, which will be subdivided and sold as individual lots.
It is the third joint acquisition in Australia between Logos and Partners Group.
Partners Group made its first investment in the Australian industrial sector with Logos in 2015 when they jointly bought a 32-hectare site in Yennora, southwest of Sydney, from the global aluminum producer Alcoa.
In March last year, they acquired a major site at the Port of Brisbane for AUD60m.
Swiss multi-asset manager Partners Group has previously signalled its intention to commit up to AUD200m to Australia’s industrial segment, in preference to the highly-competitive office market.
Logos currently manages a portfolio of five land and development opportunities across Queensland, representing more than 62ha of site area.
The company said the land bank will deliver more than AUD600m of development value across its various funds.