A consortium comprising AustralianSuper, TCorp (NSW Treasury Corporation), Ivanhoé Cambridge, Logos and AXA IM Alts has acquired Australia’s largest intermodal logistics facility located at Moorebank in southwestern Sydney from logistics operator, Qube for A$1.67 billion (c. €1.06 billion / £920 million).
Moorebank Logistics Park is a 243-hectare industrial property adjacent to two state of the art technology enabled intermodal facilities, one connecting directly to Port Botany supporting importexport freight and the other servicing the interstate rail network.
”The 243-hectare precinct in the high growth Western Sydney region will be developed into a high-quality warehousing precinct, providing over 850,000 sqm of modern logistics and industrial warehousing, with unrivalled supply chain benefits to tenants,” said AXA IM Alts in a statement.
Additionally, MLP will feature fully automated freight movements straddle carriers, which provide greater terminal safety and sustainability, and greater long-term value than manual solutions, delivering tenants’ goods in a timely and efficient manner.
At present, MLP comprises over 150,000 sqm of large modern warehousing, occupied by a diverse range of national and international businesses, while a number of pre-lets have already been secured for the new site, totalling c. 125,000 sqm of space.
”On completion of the planned development, which is expected to be in 2026, the precinct will have an end value of c. A$44 billion (c. €2.5 billion),” said AXA IM Alts.
Kumar Kalyanakumar, Head of Australia, AXA IM Alts, commented: “The acquisition of MLP breaks new ground not just for Australian logistics, but the wider Asia Pacific region, both technologically and with regard to its ESG credentials, with MLP’s full automation and energy-and water-saving technologies ensuring that it sets an industry benchmark for sustainable, future-proof logistics facilities.
“AXA IM Alts is a long-term conviction-based investor, and this investment aligns well with the business’ ‘beds, sheds and meds’ investment strategy in both Europe and Asia Pacific, with the precinct offering unique exposure into a sector that was already attractive before the pandemic, but which has further grown in appeal as a result of structural trends accelerated by COVID-19. Through this acquisition, we have gained access to a best-in-class asset, comprising a mix of core stabilised and development buildings, which will benefit from the Government’s continued investment into road and rail infrastructure, providing a long-term opportunity for growing scale over time.”