AustralianSuper launches industrial property initiative in New Zealand
AustralianSuper, the largest industry super fund in Australia with more than A$160 billion ($111 billion) of assets under management, has teamed with logistics specialist LOGOS to launch an industrial property initiative in New Zealand. The partners intend to develop the $331 million Wiri Logistics Estate in Auckland. The deal marks AustralianSuper’s first foray into the New Zealand property market.
LOGOS acquired the Wiri 10-hectare (24.7-acre) site in July 2018 and started development in April 2019. As part of the venture, LOGOS and AustralianSuper agreed to acquire an additional 14 hectares (34.6 acres) of adjoining land. The partners will develop the site into a prime logistics estate.
Darren Searle, LOGOS’ head of Australia and New Zealand, said, “We are pleased to be welcoming AustralianSuper, Australia’s biggest superannuation fund, to the Wiri Logistics Estate. AustralianSuper’s investment highlights