Aug 30, 2020, 10:00 EST
Bronx, United States, Aug 30, 2020, 10:00 /Comserve / -- LOGOS in collaboration with Ivanhoé Cambridge has signed an agreement to acquire a strategic development site in Broadmeadows.
Québec and Sydney, August 27, 2020: LOGOS in collaboration with Ivanhoé Cambridge has signed an agreement to acquire a strategic development site in Broadmeadows. The site is located at 120 Northcorp Boulevard in Broadmeadows which is considered as one of the largest Northern manufacturing suburbs in Melbourne.
Ivanhoé Cambridge is planning to develop the site into a logistics center worth USD 230 million in partnership with LOGOS which will serve as the manager and developer. The location of the site is such that it provides direct connectivity to Melbourne’s major transport network such as the Tullamarine Freeway, Western Ring Road, Hume Highway, and Victorian Government’s North East Link. With its premier location, the site will strengthen the core logistics sector of distribution, e-commerce, food, and cold storage.
LOGOS Group is a leading Australian logistics real estate developer that provides property solutions to its customers in the logistics sector. It deals with investment management, asset management, land sourcing or facilities, and undertaking property developments. Earlier this month, the group acquired a 46,240 sqm Logistics Estate in the Epping area of Melbourne to build three logistics facilities. It is currently under construction and is expected to be completed by Q2 2021. In the same month, it also acquired two distribution centers from Sigma Healthcare Limited in collaboration with TCorp, an Australian investment management company.
Headquartered in Québec region of Canada, Ivanhoé Cambridge is a real estate unit of Caisse de dépôt et placement du Québec (CDPQ). Ivanhoé was founded in the year 1953 and deals in providing property management solutions. Previously, in May 2020, the company purchased a 50,000 sqm of Joya office complex located in the Greater Paris area to fulfill the potential future demands of office property in terms of operating rates, space, facilities, accessibility, and exposure to technology. The project is currently under construction and is expected to be completed by 2022. However, the purchase price was not officially disclosed by the company.
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