One of Australia's leading superannuation funds plans to redevelop a 13ha industrial property in Yarraville after striking a deal to acquire the asset for $105 million.
As part of a new advisory mandate to build an industrial property portfolio across major Australian capital cities over time, UniSuper has secured the site at 1-7 Cawley Road as a 'rare infill development opportunity' in a prime industrial market close to the Port of Melbourne.
The super fund, which now has $115 billion in funds under management (FUM), expects the property will benefit significantly from nearby major projects including the West Gate Tunnel and the Fishermans Bend Urban Renewal project.
"We are very pleased with this acquisition which we believe when fully redeveloped will be very attractive to industrial and logistics occupiers and an excellent addition to our $6.3 billion unlisted property portfolio," says UniSuper senior manager property Nick Stephens.
"We intend to redevelop the property over the medium term into a modern infill logistics estate and look forward to considering additional opportunities to grow our industrial property portfolio further."
The acquisition was facilitated by real estate investment management firm Richmond Bridge, which will provide investment and asset advisory services for the Yarraville asset while HB&B Property will provide development management service.
UniSuper believes the relationship with Richmond Bridge and its affiliate HB&B Property enhances its access to attractive investment opportunities and development capability across the Australian industrial market.
"We are grateful for the trust and backing that UniSuper has put into Richmond Bridge. We have the right team and structure to deliver exceptional service to UniSuper as we assist them to build out a market leading industrial property portfolio," says Richmond Bridge founding partner and chief investment officer (CIO) Pete Wylie.
"HB&B has a strong track record in the industrial market. This acquisition and the proposed development plan plays well to the strengths of the HB&B business and is an ideal asset to seed our strategic affiliation with Richmond Bridge. We also know the UniSuper team very well and are excited to be able to partner with them as they build out a high-quality portfolio," adds HB&B managing director Kurt Beckhaus.
CBRE’s Mark Granter and Chris O’Brien, along with Chris Jones from Dawkins’ Occhiutto, brokered the transaction.
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