This article is from the Australian Property Journal archive
MIRVAC and Australia’s second-biggest super fund Australian Retirement Trust (ART) have launched the $370 million Mirvac Industrial Venture, to be seeded by the 72,000 sqm Switchyard development in Auburn.
ART, an existing capital partner of Mirvac, will invest 49% in the venture, with Mirvac to retain the remaining 51%.
The Switchyard is expected to be completed in 1Q24, and is located 20 kilometres from the Sydney CBD and six kilometres from Parramatta’s CBD. It is targeting a 5 Star Green Star rating.
Mirvac and ART will continue to look for opportunities to grow the venture, including by leveraging Mirvac’s remaining ~$2 billion industrial development pipeline, with negotiations on future assets already underway, they said.
“The venture will allow us to build our industrial and logistics exposure, where we continue to see strong fundamentals, redeploy capital into other development opportunities, deliver our current pipeline, and provide additional revenue streams,” said Mirvac’s group CEO and managing director, Campbell Hanan.
“Australian Retirement Trust is a highly valued and truly aligned capital partner, and I look forward to growing this partnership into the future.”
ART’s head of global real assets, Michael Weaver, said, “Australian Retirement Trust is very pleased to invest again with our existing partner Mirvac as we grow the relationship to over $1 billion in assets, with the potential for more to come.
ART has 2.2 million members.
In FY22, Mirvac entered into an agreement with ART to manage ART’s $800 million direct property portfolio, with Mirvac selling down a 49% interest in the Locomotive Workshop in Sydney as part of the deal.
