Logos & partners buy in north Melbourne
The international industrial-focused trio of Logos Property Pty Ltd & its backers, ARA Asset Management Ltd & Ivanhoé Cambridge, expect Logos to break ground in early 2021 on its 25ha $A230 million Broadmeadow Distribution Centre project in northern Melbourne.
Logos, a Sydney-based industrial property developer which launched its second Auckland project in Auckland in April, became majority owned by Singapore funds manager ARA in March. They’ve combined frequently with Ivanhoé Cambridge, the Quebec provincial pension fund’s property investment subsidiary.
The trio said on Monday Logos had bought the former Woolworths distribution centre at 120 Northcorp Boulevard in Broadmeadows from ASX-listed investment trust Growthpoint Properties Australia for $A50.2 million and intended to develop a 120,000m² logistics centre, to be owned by Ivanhoé Cambridge.
Warehouses in the estate would range from 15-50,000m².
Logos’ head of Australia & New Zealand, Darren Searle, 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.”
The estate will have quick access to Melbourne’s Western Ring Road, Tullamarine Freeway & Hume Highway interchange, and will connect to the Eastern Freeway & Metropolitan Ring Road once the government’s planned North-east Link project is completed in 2027.
Logos, 24 August 2020: Ivanhoé Cambridge & LOGOS acquire strategic development site in Broadmeadows, Melbourne
23 August 2020: ARA & Cromwell head to late September ownership decider
25 May 2020: World property M25May20 – Multi-storey warehouse latest Logos project
24 April 2020: Logos brings in Dutch & Gulf partners for fourth Chinese logistics development venture
15 April 2020: Backgrounder: International industrial property expansion – Logos, ARA, Goodman links, Ivanhoé Cambridge, Plenary Americas, CBRE Global Investors, Toll & Japan Post
15 April 2020: Logos buys in Otahuhu for second NZ industrial estate
10 July 2019: AustralianSuper joins Logos to develop Wiri Logistics Estate