Australian property fund manager ISPT and UniSuper have acquired a site in Sydney鈥檚 outskirts to develop a A$3.9bn (鈧�2.3bn) logistic hub.
The equal partnership between ISPT and the Australian superannuation fund has bought Burra Park, a 280ha greenfield logistics development site, located next to the new Western Sydney International Airport, with a plan to develop over 400,000sqm of logistics space over the next seven years. In the long run, the estate could deliver over 800,000sqm of gross floor area.
UniSuper鈥檚 senior manager of property Nick Stephens, said: 鈥淭his is a super prime institutional grade industrial property asset in Sydney鈥檚 tightly held western industrial precinct.鈥�
This is the second significant industrial site the A$80bn industry super fund has acquired in recent weeks and sourced by its advisers, Richmond Bridge.
Will Walker, chief investment and development officer from ISPT, said Burra Park represented the single largest landholding within the NSW government鈥檚 ambitious Western Sydney Aerotropolis precinct. 鈥淕iven its strategically significant location, Burra Park will be sought-after by organisations looking to invest and operate in this region that is set for major economic growth.鈥�
Pete Wylie, founder and chief executive of Richmond Bridge, said: 鈥淲e believe this is the best industrial development site in Australia and will benefit from the enormous amount of infrastructure investment occurring in the Aerotropolis Precinct.鈥�
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