Australia鈥檚 largest industry super fund, AustralianSuper has made its first foray into New Zealand鈥檚 real estate market through a partnership with Logos to develop a NZ$500m (鈧�294.3m) industrial platform.
The partners will develop the Wiri Logistics Estate, which has direct access to Auckland鈥檚 key arterial roads and motorways, along with the Conlinx Inland Port that services the Ports of Auckland.
Regional logistics specialist Logos acquired the 10-hectare Wiri site in July 2018, and development of the first facility in the estate got underway in April this year.
As part of this new partnership, Logos and AustralianSuper have also agreed to buy an additional 14 hectares of land adjoining the estate from Fletcher Concrete and Infrastructure, a subsidiary of Fletcher Building.
AustralianSuper head of property, Bevan Towning, described the partnership as a great opportunity for the fund to grow its investment footprint in New Zealand and to deliver strong, long-term returns for members.
The partnership represents AustralianSuper鈥檚 maiden real estate investment in New Zealand, a market which has attracted global players like the Goodman Group.
It is also the first major investment for the fund under Towning, who joined AustralianSuper last December to oversee its A$11bn (鈧�6.8bn) real estate portfolio.
Darren Searle, Logos Australia and New Zealand head, said: AustralianSuper鈥檚 investment highlights the increasing strength of the New Zealand industrial and logistics sector.鈥�
He said the partnership planned to transform the combined 24-hectare site into a prime logistics estate offering up to 120,000sqm of quality logistics space for Auckland.
Work has begun on the estate鈥檚 first tenancy, a purpose-built 15,700sqm facility for Hilton Foods New Zealand, which has committed to a 25-year pre-lease.
