15 February 2024
UniSuper, the $124 billion superannuation fund open to all Australians, today announced the acquisition of surplus land from Orica for a 100% interest in a prime warehouse, logistics and manufacturing greenfield development site in Deer Park, Melbourne for $260 million.
The 66-hectare site is located 15 kilometres west of Melbourne’s CBD and has the potential to accommodate over 330,000 square metres of prime logistics and warehouse space once fully developed. It is expected the site will deliver much needed modern industrial accommodation within the increasingly constrained West Melbourne industrial precinct, where occupiers are continuing to seek high quality, well-located facilities in the face of limited supply.
The acquisition represents another high quality addition to UniSuper’s market leading directly owned real estate portfolio and takes its unlisted property holdings to $8 billion. The purchase was negotiated together with UniSuper’s adviser, GPT, as part of an approximately $3 billion separate account direct property mandate with UniSuper.
UniSuper, together with GPT and developer HB+B Property will progressively develop the site as a super prime logistics, warehousing and manufacturing estate over the coming years with a forecast end value of more than $1 billion.
UniSuper’s Senior Manager Property, Nick Stephens, said:
GPT’s Head of Separate Accounts, Greg Paddison, said:
As part of the acquisition and development, GPT and HB+B Property on behalf of UniSuper, will deliver infrastructure and civil works for the planned industrial estate, providing improved access to major arterial roads for the estate and the neighbouring Orica Deer Park facility.
For media inquiries, please contact:
Zach Relouw
PR/Media Lead
UniSuper
M: +61 3 8831 6360
E media@unisuper.com.au
Note to editors
About UniSuper:
UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For 40 years, UniSuper has been managing super for people employed in the higher education and research sector; in 2021 UniSuper opened the fund to all Australians. UniSuper currently invests over AUD $124 billion on behalf of over 615,000 members (as at 30 June 2023). In July 2023 UniSuper announced it acquired a prime 50% interest in a 340K sqm industrial property portfolio comprising 20 high quality assets across Sydney and Melbourne, in a deal worth over $500 million and in December 2022, UniSuper secured a 13-hectare industrial redevelopment site in Yarraville, Victoria for $105 million.
About GPT:
GPT is one of Australia’s leading property groups, with assets under management of over $32 billion across a portfolio of high quality Australian retail, office and logistics assets. In 2022, GPT was selected to manage the UniSuper direct real estate mandate (~$3 billion), and now has approximately $19 billion in funds under management.
About HB+B Property:
Established in 2015, HB+B stands as an integrated development and development management firm, with a strong focus on industrial, commercial, and social infrastructure projects. HB+B has built a successful team of professionals that focus on excellence in development while remaining driven by a commitment to quality outcomes.
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