The Australian industrial arm of Singapore-listed Frasers Property has acquired a 41-hectare site in Melbourne鈥檚 north for A$87m (鈧�53m).

Frasers Property Industrial bought the industrial land parcel, earmarked for a new master-planned estate, from Cadence Property and a private vendor.

Cadence and Frasers will also deliver a suite of infrastructure to the Craigieburn North Precinct.

Andrew Hanna, general manager-Victoria, at Frasers Property Industrial, said: 鈥淭he acquisition aligns with our aim to boost our development pipeline in well-connected corridors close to transport and worker populations.鈥�

Hanna said the transaction aligned with Frasers Property Industrial鈥檚 strategic objective to grow its development pipeline in tightly-held areas across the Eastern seaboard. Frasers鈥� land bank stands at 2.2m sqm.

Charlie Buxton, CEO at Cadence Property, said his company had 鈥渟trategically鈥� acquired around 100 hectares in the Precinct over the past two years.

鈥淭his deal is reflective of our approach of staying flexible with how we deliver and monetise our holdings over time,鈥� he said. 鈥淭ogether with this transaction, we are continuing to develop our adjoining 65-hectare, A$650m industrial estate, Kinetic Business Park.鈥�

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