Artist’s impression of the proposed LOGOS Otahuhu Logistics Estate – on completion, the site will have 66,000 sq m of logistic facilities
LOGOS invests further in the NZ logistics sector
Logistics property specialist LOGOS has announced it has established a new venture with a global institutional investor to acquire a 17.2 ha infill development site in Otahuhu, Auckland, from Toll Group. The acquisition, which includes a partial sale and leaseback agreement, is due to settle later this year.
Located at 259 James Fletcher Drive, Otahuhu, the venture’s seed property offers immediate exposure to Auckland’s key transport network, with six freeway entry points within 5 km and existing direct access to the Auckland freight railway line.
The acquisition includes a partial leaseback to Toll Group, who will occupy a brand-new rail-serviced freight forwarding facility on 7.6 ha of the site. LOGOS will redevelop the remaining 9.6 ha into a logistics and intermodal estate on a speculative basis. On completion, the LOGOS Otahuhu Logistics Estate will have an estimated value of around $250 million across approx 66,000 sq m of logistic facilities.
LOGOS head of Australia and New Zealand, Darren Searle, says: “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 first entered New Zealand in 2018 and we’re committed to working with our partners and the local industry to further strengthen the logistics and distribution offering in this market through the development of modern, quality logistics and intermodal facilities,” he adds.
CBRE’s Chris O’Brien and Bruce Catley brokered the transaction on behalf of Toll Group.
ANZ portfolioLOGOS’ Australian and New Zealand portfolio includes 46 assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland, including seven completed projects for Toll Group, with a total development pipeline of AU$1.7 billion.
LOGOS manages every aspect of logistics real estate, including investment management, sourcing land or facilities, and undertaking development and asset management, on behalf of some of the world’s leading global real estate investors. LOGOS has over 6 million sq m of property owned and under development, with a completed value of AU$10 billion, across 18 ventures.