Superannuation fund UniSuper has acquired a 50% interest in a mega industrial property portfolio comprising 20 assets across Sydney and Melbourne in a deal worth over $500 million. 

The 340,000sqm portfolio was purchased from the National Pension Service of Korea.  

Of the 20 portfolio assets, 12 were located in the Quarry Industrial Estate in Greater Western Sydney, widely recognized as one of the country’s premier industrial estates.   

The remaining eight assets are situated in the highly sought after core industrial market of Truganina, Melbourne.  

“We are delighted to acquire this high-quality portfolio of stabilised income producing assets to complement our existing industrial development pipeline in the strongly performing logistics sector,” Nick Stephens, Senior Manager Property at UniSuper said. 

“The investment adds to our $7.3 billion unlisted property portfolio. The transaction highlights UniSuper’s ability to transact swiftly without the need for debt funding or regulatory approvals.  

“As genuine long-term investors, we continue to look for unique opportunities that help our members grow their retirement savings.”   

The modern portfolio is underpinned by high profiles tenants such as Coles, Toll, Northline, Roche, Blackwoods, Symbion, and UPS.  

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.  

UniSuper will invest alongside existing co-owners Dexus and Blackstone in this venture.  

“We are pleased to have successfully concluded this transaction, capitalizing on a market with fewer buyers, which allowed us to secure these high-quality assets at an attractive entry price,” Peter Wylie, Chief Investment Officer at Richmond Bridge said.   

“When presented with the opportunity to assess this portfolio for UniSuper, we did not hesitate, recognizing the rarity of such offerings in the market.  

“We are immensely grateful to the UniSuper team for their collaboration, enabling us to accomplish an extensive amount of work within a short timeframe.”