Logistics real estate specialist LOGOS has launched a new venture with KKR and Mubadala to acquire and develop logistics facilities across Australia.
LOGOS has begun its development venture with an 18.2 hectare development site in Wacol, Brisbane, which it acquired from Fletcher Building.
The guiding purpose of their venture strategy is to develop logistics facilities predominantly across the key eastern seaboard markets including Sydney, Melbourne, and Brisbane.
Wacol, located at 3746 Ipswich Road, offers immediate exposure and access to Brisbane’s key arterial road network, being positioned at the interchange of the Ipswich and Logan Motorways, 23km southwest of the Brisbane CBD.
LOGOS has commenced plans to re-develop Wacol into a master-planned logistics estate on both a pre-lease and speculative basis with up to 95,000 sqm of gross lettable area. LOGOS anticipates its Wacol Logistics Estate to have an estimated value in excess of A$200 million upon completion.
Darren Searle, LOGOS’s Head of Australia and New Zealand, says: “We are pleased to have established a new venture with experienced global investors, KKR and Mubadala, enabling LOGOS to continue to meet the ever-growing demand from global, multi-national and domestic customers for high-quality logistics facilities within Australia.”
“We see the Wacol property as a strategic seed asset for this venture and are pleased to have facilitated this transaction from Fletcher Building, with whom we have a long-standing relationship,” he adds.
CBRE Capital Advisors acted as financial advisor to LOGOS for the venture’s capital raising, which was led by Greg Hyland, Head of Capital Markets for Asia Pacific and Stuart McCann, Head of International Capital – Pacific and South East Asia.
KKR is making its investment from its Asia Real Estate Partners fund.