AustralianSuper in Sydney Airport logistics property play

Staff Writer

Financial Newswire

15 October 2021

AustralianSuper has made another key property investment, announcing today that it had joined today a LOGOS managed Consortium to acquire an $802 million large- scale logistics development site near Sydney Airport from Qantas Airways.

The Consortium will undertake a staged redevelopment of the 13.8-hectare site near subject to planning approval which would include a state-of-the-art mix of logistics and office facilities with access to major transport infrastructure and population centres.

Commenting on the transaction, AustralianSuper Head of Property Bevan Towning said the Consortium had a long-term redevelopment plan for the site that will transform it into a key logistics hub for customers seeking strategically located next generation logistics facilities.

“This is a great opportunity for AustralianSuper to access an asset with significant growth potential over many years. Opportunities of this size and scale in such sought-after locations are rare,” Towning said.

“As a large fund with a long-term focus, we are attracted to opportunities where we can deploy capital and use our investment expertise over several years to create large-scale projects that will contribute positively to member retirement balances.”

The acquisition follows the announcement in July of AustralianSuper’s acquisition of a 40% interest in Moorebank Logistics Park alongside LOGOS; and the 2019 acquisition of the Wiri Estate development in New Zealand which is also being managed by LOGOS.

Towning said the growing relationship with LOGOS in Australia and New Zealand was providing the Fund with access to high quality investments and development capability.

“AustralianSuper is looking to grow the property portfolio both here in Australia and internationally across many sectors including e-commerce and last mile logistics hubs, he said.

“The Fund is constantly working to assess opportunities in the property sector both here and overseas that will provide strong, sustainable long-term returns.”

AustralianSuper has over $10 billion invested in property globally with 42% of the portfolio managed by the Fund internally.