Australia’s largest superannuation fund, AustralianSuper, and logistics property firm Logos have teamed up to develop a NZ$500m (US$333.2m) logistics estate in Auckland.
The partners plan to develop up to 120,000 sq.m. of prime logistics space at the Wiri Logistics Estate, having already started development on a 15,700 sq.m. purpose-built facility in April this year.
Logos has pre-let the first property to Hilton Foods New Zealand on a 25-year agreement and is in talks with new and existing tenants, including large format logistics operators, fast-moving consumer goods (FMCG) businesses, e-commerce operators and 3PL groups.
“AustralianSuper’s investment highlights the increasing strength of the New Zealand industrial and logistics sector, which has seen renewed growth over the past few years on the back of the country’s underlying economic fundamentals, increasing population and, importantly, the rise in e-commerce,” said Darren Searle, head of Australia and New Zealand at Logos.
AustralianSuper head of property Bevan Towning said the partnership was a great opportunity for the fund to grow its investment footprint in New Zealand.
Logos has started development on a 10-hectare site that the firm acquired in July 2018. The partnership has since agreed to purchase an adjoining 14-hectare site from a Fletcher Building subsidiary, expanding the estate’s footprint to 24 hectares.
Located in the industrial suburb of Wiri, the site has direct access to Auckland’s key arterial roads and motorways, as well as the Conlinx Inland Port that services the ports of Auckland.
Logos, which has A$4.5bn in equity commitments, specialises in logistics real estate and has operations across New Zealand, Australia, China, Singapore, Indonesia, Malaysia and India.
AustralianSuper manages more than A$150bn of retirement savings on behalf of over 2.2m members.