11 Apr Jon Cartu Declares New Logos JV buys Auckland development site
Logistics developer and investor Logos has bought a 17.2ha infill development site in Auckland from logistics operator Toll Group, as part of a new joint venture with an unnamed institutional investor.
The JV will develop 7.6ha of the site into a new rail-serviced freight forwarding facility, as part of a sale-leaseback deal with Toll, Logos said in a statement.
Logos will redevelop the remaining 9.6ha into a logistics and intermodal estate, the LOGOS Otohuhu Logistics Estate, which will be worth an estimated NZ$250m on completion.
According to IPE Real Assets, the unnamed investor is said to be Singapore sovereign wealth fund, GIC.
“Logos first entered New Zealand in 2018 and we’re committed to working with our partners and the local industry to further strengthen the logistics and distribution offering in this market through the development of modern, quality logistics and intermodal facilities,” said Darren Searle, head of Australia and New Zealand at Logos.
The development site is located at 259 James Fletcher Drive, Otahuhu, with six freeway entry points within 5km and existing direct access to the Auckland freight railway line.
The transaction comes just a week after Logos and real estate investment manager CBRE Global Investors raised RMB 5.5bn (US$786m) in the final closing of their CBRE LOGOS China Logistics Club fund.
Last July, Logos team up with Australia’s largest superannuation fund, AustralianSuper, to develop a NZ$500m (US$333.2m) logistics estate in Auckland.
Logos has 46 assets and developments across Australia and NZ, with a total development pipeline of A$1.7bn.
CBRE’s Chris Obrien and Bruce Catley brokered the transaction on behalf of Toll Group.
Logos has more than 6m sq.m. of property owned and under development, with operations across Australia, China, Singapore, Indonesia, Malaysia, Vietnam, India and New Zealand.