LOGOS and AustralianSuper have joined forces to develop the Wiri Logistics Estate in Auckland, starting with a 10-hectare site acquired by LOGOS in July 2018.
As part of this new partnership, LOGOS and AustralianSuper have also entered into an unconditional agreement to purchase an additional 14 hectares of land adjoining the estate from Fletcher Concrete and Infrastructure Limited. The combined 24 hectares are to be transformed into a NZ$500m prime logistics estate.
“We are pleased to be welcoming AustralianSuper, Australia’s biggest superannuation fund, to the Wiri Logistics Estate,” Darren Searle, LOGOS’ head of Australia and New Zealand, said.
“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.”
LOGOS looks forward to working with AustralianSuper on transforming the site, offering up to 120,000 square metres of logistics space for Auckland.
LOGOS has commenced the development of the estate’s first tenancy, a purpose built 15,700 square metre facility for Hilton Foods New Zealand, with Hilton committing to a 25-year pre-lease.
LOGOS recently completed a 45,000sqm purpose-built food processing and distribution facility for Hilton in Brisbane.
AustralianSuper head of property, Bevan Towning, said this partnership was an opportunity for the fund to grow its investment footprint in New Zealand and deliver strong, long-term returns for members.
“We are very pleased to invest in the New Zealand logistics sector alongside partners LOGOS and look forward to a long-term relationship,” Mr Towning said.