This article is from the Australian Property Journal archive
ACTIVE logistics player Logos has made another major acquisition in Melbourne’s western industrial suburb of Truganina, picking up the Kmart distribution centre for $119 million.
It also announced yesterday the appointment of Darren Searle as head of Australia and New Zealand.
The group recently paid $28 million for a 27.5-hectare industrial development site at 285 Palmers Road in Truganina, on which it intends to build a 160,000 sqm logistics estate with an end value of up to $250 million.
Last month, it completed a brand new facility on Infinity Drive.
The circa-77,000 sqm Kmart facility is fully leased to Kmart Australia, with the property benefiting from access Princes Highway and West Gate Freeway, and would benefit from the proposed West Gate Tunnel Project.
“We are seeing a number of great opportunities across the region, with today’s acquisition testament to this,” Searle said. “Truganina is one of Australia’s core industrial locations with many large logistics operators including Coles, Woolworths and the Reject Shop, operating from this suburb,”
“The Kmart Distribution Centre is a strategic addition to our growing portfolio of core assets within key logistic markets secured by long-term cashflow, and we’re pleased to have further strengthened our Melbourne portfolio through this acquisition,” he added.
In April, Charter Hall secured a 58-hectare landholding in Truganina from Singaporean investors for a $330 million logistics park development. The site adjoins its existing Drystone estate, which has some 180,000 sqm of logistics space. Tenants include Woolworths, Couriers Please, Target and The Reject Shop.
Commenting on Searle’s appointment, Logos group CEO Tom Lee said, “The Australian business has experienced significant growth over the past few years as we have built a strong portfolio across key logistics corridors in Melbourne, Sydney, Brisbane, Perth and most recently Auckland.”
Meanwhtile Logos bought a 10-hectare Auckland site in Wiri, one month ago, which represented its first foray across the ditch.
“Darren’s appointment as head of Australia and New Zealand is an important step as we look to provide dedicated leadership and focus to support our local business in continuing this momentum with deals such as the Kmart distribution centre.” Lee said.
Searle joined Logos in January Australian head of development, having formerly worked as general manager of property development for global logistics company Toll Group.
“I am very excited to have taken on this new role and look forward to working with the local team to harness the strong momentum in the business and deliver on the opportunities we are seeing across Australia and New Zealand,” Searle said.
“I’m also looking forward to further leveraging the knowledge and experience across our Asia Pacific business and working with our regional logistics and e-commerce customers in delivering on their growth strategies.”
Australian Property Journal
