A new partnership between Australia’s largest superannuation fund Australian Super and logistics operator Logos will see the development of 120,000sq m of logistics space at its Wiri estate in Auckland, New Zealand.
The partnership will see Logos and Australian Super enter into an unconditional agreement to purchase an additional 14-hectare parcel of land from Fletcher Concrete and Infrastructure Limited, which adjoins Logos existing development site.
Logos would not disclose the purchase details for its latest agreement, but said its plans for the combined 24-hectare property is to transform the site into a NZ$500 million (AU $476m) prime logistics estate.
Logos purchased the 10-hectare Wiri site in July last year, kicking off development on the estate’s first facility in April.
“AustralianSuper’s investment highlights the increasing strength of the New Zealand industrial and logistics sector,” Logos head of Australia and New Zealand Darren Searle said.
“Which has seen renewed growth over the past few years on the back of the country’s underlying economic fundamentals, increasing population and, importantly, the rise in e-commerce.”
Searle expects more than 200 jobs to be created over the course of the estate’s development.
AustralianSuper head of property Bevan Towning said the partnership would expand its investment footprint.
As Australia’s largest superannuation fund Towning said the fund manages more than $150 billion of its 2.2 million members’ retirement savings.
Logos has commenced the development of the Estate’s first tenancy, a purpose built 15,700sq m facility for Hilton Foods New Zealand at the Wiri Estate, after Hilton committed to a 25-year pre-lease.
The move follows on from Logos recently completing a 45,000sq m purpose-built food processing and distribution facility for Hilton in Brisbane.
The logistics operator is currently in discussion with a number of tenant customers to develop purpose built facilities on the site.
Logos has $4.5 billion of equity commitments to 16 ventures, with operations across New Zealand, Australia, China, Singapore, Indonesia, Malaysia and India.