Australian logistics manager LOGOS is teaming up with an unnamed institutional investor to acquire a 17.2-hectare infill development site in Auckland, New Zealand from Melbourne-based transportation company Toll Group for an undisclosed sum.
The deal includes a partial leaseback to Toll Group, which will use 7.6 hectares to develop its freight rail facilities, LOGOS says in a statement on April 8.
The company will re-develop the remaining 9.6 hectares into a logistics and intermodal property with an estimated value of NZ$250 million (US$148.7 million).
The acquisition is due to be completed in late 2020.
“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,” Darren Searle, LOGOS’s head of Australia and New Zealand, says in the statement.
Sydney-based LOGOS has 46 assets and developments across Australia and New Zealand.
The company has $7.4 billion of total assets under management currently.