Mirvac creates industrial and logistics partnership with Morgan Stanley

Mirvac Group has agreed to the sale of two industrial assets in west Melbourne to a trust formed jointly by Mirvac and an investment vehicle sponsored by Morgan Stanley Real Estate Investing.

These assets seed a newly established industrial and logistics partnership between Mirvac and MSREI, known as the Mirvac Industrial Logistics Partnership.

The two assets to be sold comprise 47 Westgate Drive, Altona North and 26 Harcourt Road, Altona both in Victoria, for a total consideration of A$65.5 million ($51.76 million).

Mirvac will retain a 10 percent ownership in MILP and act as trust administrator and property manager for the partnership.

Mirvac and MSREI expect the partnership to grow via on-market acquisitions as well as through acquisitions from Mirvac’s development pipeline. MILP will focus on core and value-add industrial opportunities on the east coast of Australia, with Mirvac providing trust administration, property management and development management services.