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UniSuper plans $652m industrial site after $170m acquisition in Melbourne
Transactions - FEBRUARY 15, 2024

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UniSuper plans $652m industrial site after $170m acquisition in Melbourne

by Andrea Zander

UniSuper, the A$124 billion ($81 billion) superannuation fund open to all Australians, announced the acquisition of surplus land from Orica for a 100 percent interest in a prime warehouse, logistics and manufacturing greenfield development site in Deer Park, Melbourne for A$260 million ($170 million).

The 66-hectare (163-acre) site is located 15 kilometers (9 miles) west of Melbourne’s CBD and has the potential to accommodate more than 330,000 square meters (3.55 million square feet) of prime logistics and warehouse space once fully developed. It is expected the site will deliver much needed modern industrial accommodation within the increasingly constrained West Melbourne industrial precinct, where occupiers are continuing to seek high-quality, well-located facilities in the face of limited supply. The development will target a 5 Star NABERS Energy rating upon completion.

The acquisition represents another high-quality addition to UniSuper’s market leading directl

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