LOGOS has announced it has entered into an agreement to acquire a strategic asset in Truganina, one of Melbourne’s prime industrial suburbs, via an off market deal.
The asset on completion will provide a purpose built facility offering 48,770sqm of GLA for an initial ten year term. The deal is anticipated to complete in early 2020.
Located at 30 Logistics Drive, the 8.5 hectare property benefits from direct access to Melbourne’s key arterial road networks, including the Princes Highway, West Gate Freeway and Western Right Road.
“The Melbourne logistics market continues to perform strongly and we are pleased to be able to strengthen our foothold in this strategic market. LOGOS’ Melbourne portfolio now stands at circa 350,000sqm with an additional 27 hectares of development land at our Truganina Logistics Estate. We are a strong advocate of the benefits that western Melbourne provides Victorian and Australian supply chains and are confident we will see strong rental growth and tenant demand over the coming years in this area as a result of the diminishing supply of available zoned and serviced land,” Darren Searle, LOGOS’ Head of Australia and New Zealand said.
Truganina is a well-established industrial suburb which includes facilities for a number of large format logistics operators, including FMCG/Supermarket operators, e-commerce operators and 3PL groups.
LOGOS’ Australian portfolio, which spans New South Wales, Victoria, Queensland and Western Australia, has a target end value of over $4.2 billion.