ESR Cayman has acquired an industrial site in Melbourne believed to be around A$80m (鈧�49m) for its joint venture with Singapore鈥檚 GIC.
The ESR Australia Development Partnership has bought the 79-hectare site in Southeast Melbourne to be developed into a logistic hub with an expected end-value of around A$450m.
IPE Real Asset understands that with the last acquisition, the A$1bn partnership has, so far, allocated A$400m in equity to buy four sites.
Phil Pearce, CEO of ESR Australia, said: 鈥淭his large-scale acquisition provides us with the ability to take advantage of strong demand from users in Melbourne鈥� land-constrained south-east market to develop a prime industrial estate.
鈥淲e鈥檙e aware of the demand from users wanting larger-scale facilities, and those looking to improve their supply chains, and we鈥檒l be well-positioned to cater to their needs.鈥�
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