LOGOS strikes again with Altona acquisition

The Melbourne purchase comes just days after LOGOS acquired two land parcels in Sydney’s west and Brisbane’s south for a combined $23 million with plans to develop $60 million of new facilities.

The Altona property comprises two adjoining buildings leased to Toll Transport and Visa Global Logistics, covering 21,720 square metres in total.

On 9.7 hectares of land, the logistics facility was completed in early 2016. The facility at 27 Toll Drive includes a state-of-the-art fully container park and was purpose-built for Visa Global on a 10-year lease term.

Toll Transport is expected to vacate 43 Toll Drive soon, with prospective occupiers already showing interest.

The Altona North property was purchased from local developer Cadence Property Group, which developed the facility for Visa Global Logistics through a transaction handled by CBRE’s Chris O’Brien.

The deal represents the next step in LOGOS’ expansion in Melbourne, after it bought the Oxford Cold Storage facility and the Toll NQX facility in Altona last year for more than $250 million in total.

“As Australia’s largest logistics market, Melbourne forms an integral part in our key investment growth strategy for the group looking forward,” LOGOS’ joint managing director, Trent Iliffe, said.

“We are very confident with the demand and dynamics of the Altona North market, giving us confidence to take leasing risk for an asset of this size and nature.

“As the investment market tightens, we are looking to take on a higher level of both leasing and development risk to grow our core logistics portfolio across the country.”

Joint managing director John Marsh said the recent acquisition of Toll NQX facility in Altona North was now being expanded to total about 30,000 square metres with Toll.

Backed by Macquarie and Ivanhoe Cambridge, the industrial platform recently raised about $640 million from Canadian institutional investors to fund its Asian expansion.