UniSuper, the $124 billion superannuation fund open to all Australians, today announced the acquisition of surplus land from Orica for a 100% interest in a prime warehouse, logistics and manufacturing greenfield development site in Deer Park, Melbourne for $260 million.
The 66-hectare site is located 15 kilometres west of Melbourne’s CBD and has the potential to accommodate over 330,000 square metres of prime logistics and warehouse space once fully developed. It is expected the site will deliver much needed modern industrial accommodation within the increasingly constrained West Melbourne industrial precinct, where occupiers are continuing to seek high quality, well-located facilities in the face of limited supply.
The acquisition represents another high quality addition to UniSuper’s market leading directly owned real estate portfolio and takes its unlisted property holdings to $8 billion. The purchase was negotiated together with UniSuper’s adviser, GPT, as part of an approximately $3 billion separate account direct property mandate with UniSuper.
UniSuper, together with GPT and developer HB+B Property will progressively develop the site as a super prime logistics, warehousing and manufacturing estate over the coming years with a forecast end value of more than $1 billion.
UniSuper’s Senior Manager Property, Nick Stephens, said: "This super prime parcel of industrial land further improves the quality of our diversified unlisted property portfolio and adds to our exposure to the logistics and warehousing sector following on from other recent acquisitions. The transaction highlights UniSuper’s ability to secure high quality property investments that help our members grow their retirement savings."
GPT’s Head of Separate Accounts, Greg Paddison, said: “The acquisition of surplus land at Deer Park for UniSuper is testament to our ability to acquire, develop and manage high quality real estate investments together with our mandate clients. We continue to leverage our expertise and experience to deliver strong outcomes for our capital partners and provide further growth opportunities in time.”
As part of the acquisition and development, GPT and HB+B Property on behalf of UniSuper, will deliver infrastructure and civil works for the planned industrial estate, providing improved access to major arterial roads for the estate and the neighbouring Orica Deer Park facility.
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For more information, please contact:
Penny Berger
Head of Investor Relations and Corporate Affairs
The GPT Group
E: penny.berger@gpt.com.au
T: +61 402 079 955
Grant Taylor
Group External Communications Manager
The GPT Group
E: grant.taylor@gpt.com.au
T: +61 403 772 123