Logos and Abu Dhabi Investment Authority鈥檚 (ADIA) Australian logistics venture has acquired a development site in Sydney for a A$500m (鈧�340m) logistics estate.
The site, located in Eastern Creek, one of Sydney鈥檚 key industrial suburbs in Sydney鈥檚 west, was acquired from Sargents Charity.
Logos鈥� head of Australia and New Zealand, Darren Searle, said the project had broadened Logos logistics portfolio, which now covers, south, southwest, northwest, central west and Moorebank.
鈥淎s an estate developer of scale, this new Eastern Creek logistics estate will provide customers with medium to longer term flexibly for growth in this key strategic location,鈥� he said.
This is the second significant purchase by the Logos Australian Logistics Venture (LALV), the joint venture established between Logos and ADIA in 2014, after the Qantas industrial land transaction last year for A$800m.
At the time of its launch, the partners said the target was to grow the LALV portfolio to a gross asset value of more than A$5bn.
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