Logistics and operations specialist Logos has expanded into the New Zealand market, acquiring a 10-hectare site with plans to develop a NZ$200 million (AU$183m) estate.
Logos’ latest acquisition, from Fletcher Concrete and Infrastructure Limited, is a 55,000sq m site in Auckland's industrial suburb of Wiri.
The company, which has $4 billion of equity commitments across 14 ventures and a targeted end-value of more than $9 billion of assets under management, will develop the site into a logistics estate catering to the growing demand of its industrial market customer base.
Logos joint managing director John Marsh describes Wiri as a key industrial suburb in Auckland experiencing significant growth.
“We are currently in discussions with a number of existing tenant customers from our Asia Pacific portfolio to develop purpose-built opportunities on the site, including large format logistics operators, FMCG, ecommerce operators and 3PL groups.”
It’s been a busy year for the industrial developer, with recent acquisitions including a $25 million warehouse in Sydney’s Yennora, a warehouse in Sydney’s Banksmeadow in an off-market deal worth $72.4 million and a site in Truganina for $28 million snapped up earlier this month.
The Wiri site, located on the corner of Roscommon Road and Wiri Station Road, has access to key arterial roads including the South Western Motorway, and proximity to Conlinx Inland Port, New Zealand’s largest container port by volume.
Logos joint managing director Trent Iliffe said the New Zealand industrial and logistics sector has experienced strong growth over the past few years on the back of the country’s underlying economic fundamentals, increasing population and the rise in e-commerce.
“We believe there will be many opportunities for Logos to partner with our investors and tenant customers across New Zealand over the coming years, and the Wiri site is an important and strategic first development for the group.”