Ivanhoé Cambridge and LOGOS are pleased to announce they have entered into an agreement to acquire a strategic development site in Broadmeadows, one of Melbourne’s key infill northern industrial suburbs. Ivanhoé Cambridge plans to develop the site into a $230 million logistics estate with LOGOS to act as the manager and developer.
Located at 120 Northcorp Boulevard in Broadmeadows, the property offers excellent access to Melbourne’s key transport network including the Western Ring Road, Tullamarine Freeway and the Hume Highway interchange, as well as the Victorian Government’s planned North East Link. Leveraging this premier location, LOGOS will transform the former Woolworths distribution centre to deliver over 120,000sqm of modern, high-quality logistics assets within the renamed LOGOS Broadmeadows Logistics Estate.
Ivanhoé Cambridge’s Senior Vice President for Asia Pacific, George Agethen, said: “This transaction continues our strategy for logistics in the APAC region and our partnership with LOGOS. We remain focused on assembling a sizeable portfolio in Sydney and Melbourne, which has shown remarkable resilience through the COVID-19 pandemic. We are confident that we will deliver an environmentally leading Estate that will meet the demands of our users for the long-term.”
LOGOS’ Head of Australia and 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, which is targeting to commence construction in early 2021, will be focused on supporting the core logistics sectors of e-commerce, distribution, food and cold storage. Warehouses within the Estate, ranging from 15,000sqm to 50,000sqm, are now available for lease.
“We look forward to bringing our global design and development expertise to develop this state-of-the-art property. The Estate is targeted to achieve a 5 Star Green Star rating in line with our commitment to our customers and capital partners in delivering on our obligations towards creating a sustainable future,” Mr Searle added.
The transaction was brokered by CBRE’s Chris O’Brien and Daniel Eramo with the site acquired by a LOGOS venture on behalf of Ivanhoé Cambridge.
This acquisition aligns with Ivanhoé Cambridge’s portfolio repositioning with a strong accent on industrial and logistics assets on the five continents where the company has investment platforms.
LOGOS’ Asia Pacific portfolio comprises 100 logistics estates across nine countries with AUM of approximately $13.8 billion. LOGOS counts some of the world’s largest fund managers as its shareholders, including ARA Asset Management and Ivanhoé Cambridge.