UniSuper buys industrial assets in Sydney and Melbourne

The $120 billion superannuation fund, UniSuper, has announced an acquisition from the National Pension Service of Korea of a 50% interest in an industrial property portfolio, comprising 20 assets in Sydney and Melbourne.

The deal, which is said to be worth over $500 million, will see UniSuper invest alongside existing co-owners Dexus and Blackstone in this venture.

The portfolio includes 20 assets, with 12 being located in the Quarry Industrial Estate in Greater Western Sydney and the remaining eight located in Truganina, Melbourne, and the portfolio is underpinned by tenants such as Coles, Toll, Northline, Roche, Blackwoods, Symbion, and UPS.

The investment will also add to UniSuper’s $7.3 billion unlisted property portfolio.

The acquisition was negotiated on behalf of UniSuper by real estate investment management firm Richmond Bridge under an industrial property investment mandate, while Cushman & Wakefield’s Tony Iliuano and Adrian Rowse represented the vendor.