LOGOS launches new venture with a global institutional investor to further invest in the New Zealand logistics sector

Media
Wednesday 8th April 2020

LOGOS is pleased to announce it has established a new venture with a global institutional investor to acquire a 17.2 hectare infill development site in Otahuhu, Auckland from Toll Group. The acquisition, which includes a partial sale and leaseback agreement, is due to settle in late 2020.

Located at 259 James Fletcher Drive, Otahuhu, the Venture’s seed property offers immediate exposure to Auckland’s key transport network, with six freeway entry points within 5km and existing direct access to the Auckland freight railway line.

The acquisition includes a partial leaseback to Toll Group, who will occupy a brand-new rail serviced freight forwarding facility on 7.6 hectares of the site. LOGOS will re-develop the remaining 9.6 hectares into a logistics and intermodal estate on a speculative basis and on completion, the LOGOS Otohuhu Logistics Estate will have an estimated value of circa NZ$250 million across circa 66,000sqm of logistic facilities.

LOGOS’ Head of Australia and New Zealand, Darren Searle, said: “We are pleased to be further investing in New Zealand’s logistics sector through this new Venture and alongside our existing tenant, Toll Group.

“LOGOS first entered New Zealand in 2018 and we’re committed to working with our partners and the local industry to further strengthen the logistics and distribution offering in this market through the development of modern, quality logistics and intermodal facilities,” he added.

CBRE’s Chris Obrien and Bruce Catley brokered the transaction on behalf of Toll Group.

LOGOS’ Australian and New Zealand portfolio includes 46 assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland, including seven completed projects for Toll Group, with a total development pipeline of A$1.7 billion.