A consortium comprising LOGOS, Australian Super and LOGOS Australia Logistics Venture (LALV) has agreed to acquire a large-scale logistics development site from Qantas Airways in Mascot for A$802 million.
The consortium will undertake a staged redevelopment of the 13.8-hectare site near Sydney Airport, subject to planning approval. The redevelopment will include a state-of-the-art mix of logistics and office facilities with access to major transport infrastructure and population centres.
AustralianSuper Head of Property Bevan Towning said the consortium has a long-term redevelopment plan for the site that will transform it into a key logistics hub for customers seeking strategically located next generation logistics facilities.
“This is a great opportunity for AustralianSuper to access an asset with significant growth potential over many years. Opportunities of this size and scale in such sought-after locations are rare,” Towning added.
The acquisition follows the announcement in July of AustralianSuper’s acquisition of a 40% interest in Moorebank Logistics Park alongside LOGOS; and the 2019 acquisition of the Wiri Estate development in New Zealand which is also being managed by LOGOS.
LOGOS Head of Australia & New Zealand, Darren Searle said: “To acquire this site at Mascot is a rare opportunity to further develop a market-leading e-commerce, distribution and commercial hub between Sydney ports and the ultimate distribution destinations in Australia’s main gateway city. The site is a key freight gateway for the airport and offers unparalleled connectivity as a critical link to supply chains around the country.
“Together with our existing partners AustralianSuper and LALV, we are deeply committed to furthering the logistics and distribution landscape in Australia with large-scale, strategic investments, and this land is a rare and valuable opportunity to achieve this. In developing a leading logistics estate, we are proud to announce that our plans will create thousands of jobs for the local community,” Searle said.
LALV is a partnership established in late 2014 between LOGOS and the Abu Dhabi Investment Authority to acquire and develop prime, logistics estates across Australia.
