Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate arm, is entering into an agreement with real estate logistics specialist LOGOS Group to acquire a development site in Australia.
The organization plans to develop the site, located in one of Melbourne’s key infill northern industrial suburbs, into a $230 million logistics estate with LOGOS acting as the manager and developer. The former distribution centre will be transformed to deliver more than 120,000 square metres of modern logistics assets as the LOGOS Broadmeadows Logistics Estate, according to a press release.
“This transaction continues our strategy for logistics in the [Asia Pacific] region and our partnership with LOGOS,” said George Agethen, senior vice-president of Asia Pacific at Ivanhoé Cambridge, in the release. “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.”
The estate, which is aiming to start construction in early 2021, will be focused on supporting the core logistics sectors of e-commerce, distribution, food and cold storage.
“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,” said Darren Searle, LOGOS’ head of Australia and New Zealand.