Ivanhoé Cambridge has teamed up with ARA Asset Management-backed Logos to acquire a site in Melbourne, Australia, for a new AUD$230m (£125m) GDV logistics estate.
Growthpoint Properties has exchanged contracts to sell the Broadmeadows location, at 120 Northcorp Boulevard, for $50.2m. The 1.3m sq ft site formerly housed a Woolworths distribution centre.
The deal is expected to close on 4 September. Construction is expected to begin in early 2021.
Logos Broadmeadows will focus on e-commerce, distribution, food and cold storage. Warehouses within the estate will range from around 161,460 sq ft to about 538,200 sq ft.
George Agethen, Ivanhoé Cambridge’s senior vice president for Asia Pacific, said: “We remain focused on assembling a sizeable portfolio in Sydney and Melbourne, which has shown remarkable resilience through the Covid-19 pandemic.”
Darren Searle, head of Australia and New Zealand at Logos, said: “This is a strategic acquisition for our business as a number of our existing customers have been looking to expand into the north of Melbourne, an area which has long experienced limited supply of prime grade logistics assets, for some time.”
Timothy Collyer, managing director of Growthpoint, said the proceeds of the sale will be used to repay debt.
The transaction was brokered by CBRE executive director Chris O’Brien, with the site acquired by a Logos venture on behalf of Ivanhoé Cambridge.
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