This article is from the Australian Property Journal archive
LOGOS has established a new venture with a global institutional investor to acquire a 17.2 hectare infill development site in Auckland with an end value of NZ$250 million.
Located at 259 James Fletcher Drive, Otahuhu, the acquisition includes a partial leaseback to Toll, who will occupy a brand-new rail serviced freight forwarding facility on 7.6 hectares of the site.
LOGOS will re-develop the remaining 9.6 hectares into a logistics and intermodal estate on a speculative basis and on completion, the estate will have an estimated value of circa NZ$250 million across circa 66,000sqm of logistic facilities.
“We are pleased to be further investing in New Zealand’s logistics sector through this new venture and alongside our existing tenant, Toll Group,” LOGOS’ head of Australia and New Zealand Darren Searle said.
CBRE’s Chris Obrien and Bruce Catley brokered the transaction on behalf of Toll.
The acquisition, which includes a partial sale and leaseback agreement, is due to settle in late 2020.
