Australia’s largest superannuation fund AustralianSuper and Macquarie-backed developer LOGOS have teamed up to develop and expand the Wiri Logistics Estate in Auckland, New Zealand.
The two investors have also agreed to buy an additional 14 hectares of land adjoining the Estate from Fletcher Concrete and Infrastructure Limited, a subsidiary of Fletcher Building Limited. The combined 24 hectares will be transformed into a NZ$500 million ($33.3 million) prime logistics estate, LOGOS said in a statement.
The Wiri Logistics Estate is located on the corner of Roscommon and Wiri Station roads and offers direct access to Auckland’s key arterial roads and motorways, as well as the Conlinx Inland Port that services the Ports of Auckland.
LOGOS acquired Wiri in July 2018 and commenced the development of the estate’s first facility in April this year as a 15,700 square metre processing plant for Hilton Foods New Zealand, which has committed to a 25-year pre-lease.
LOGOS said it was in discussion with a number of new and existing tenant customers to develop purpose-built opportunities on the site, including large format logistics operators, FMCG, 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, LOGOS’ head of Australia and New Zealand.
AustralianSuper, the nation’s biggest superannuation fund, manages more than A$150 billion ($104.4 billion) of members’ retirement savings. It claims that one in 10 working Australians are its member.
The fund’s head of property, Bevan Towning, said the partnership with LOGOS has provided a great opportunity to grow its investment footprint in New Zealand and deliver strong, long-term returns for members.
The development of the asset is expected to create more than 200 jobs and offer up to 120,000 square metres of quality logistics space for Auckland.