Partners Group and Realterm announced the establishment of their transportation logistics real estate joint venture with its first acquisition in Australia. The asset is a 41,490-square-metre industrial outdoor storage (IOS) facility located at 77 Governor Macquarie Drive, Chipping Norton, Sydney, New South Wales was managed by LJ Hooker Commercial Director Ryan Jennings.
Partners Group, a leading global private markets firm, acting on behalf of its clients, and Realterm announced today the establishment of their transportation logistics real estate joint venture with its first acquisition in Australia. The asset is a 41,490-square-metre industrial outdoor storage (IOS) facility located at 77 Governor Macquarie Drive, Chipping Norton, Sydney, New South Wales.
Located in Sydney’s southwest, the property is leased to four industrial outdoor storage occupiers who are utilizing the space for construction material storage, container storage and truck parking. The low site coverage, its rectangular shape and multiple access points provides future flexibility to accommodate single or multiple industrial outdoor storage occupiers. This site represents one of the last remaining sizable land parcels in the Chipping Norton submarket capable of accommodating single occupier briefs of approximately 40,000 square meters.
Strategically located along the southwest M5 transport corridor, it is central to Sydney’s key infrastructure nodes of Port Botany and the Moorebank and Enfield Rail Intermodals. 77 Governor Macquarie Drive benefits from its proximity to Sydney’s main arterial routes and is conveniently accessible to Melbourne via the Hume Highway further enhancing the location’s strategic significance.
"We are pleased to complete this acquisition of a high-quality, strategically positioned asset in one of Australia's major industrial hubs," said John Dixon, Member of Management, Private Real Estate Asia at Partners Group. "Logistics space is in strong demand in the wider Sydney area due to a lack of supply and limited new stock coming online. We have thematic conviction in the logistics sector globally and will continue to look for opportunities."
The joint venture will benefit from Realterm's global expertise in transport-advantaged logistics real estate. Realterm has an international portfolio which is anchored by transport-advantaged assets across the US, Canada, the UK, and Europe.
"Sydney’s southwest logistics submarket has experienced strong market rental growth, has near zero vacancy, and is experiencing significant supply demand imbalance, providing a strategic opportunity for Realterm to enter the Australian market,” said Toni Ryan, Fund Manager, Australia at Realterm. “We continue to see robust pipeline opportunities across Australia and are excited about expanding this venture with Partners Group.”
Realterm was represented in this transaction by Norton Rose Fulbright.
The sale was managed by LJ Hooker Commercial Director Ryan Jennings.
Australian Industrial Market Commentary:
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About Realterm
Realterm is an independent global investment manager focused on the transportation industry. We acquire, develop, finance and manage differentiated real estate and infrastructure assets serving land, air, sea and rail networks across the world. Realterm currently manages over USD11 billion in assets on behalf of global institutional investors.