UniSuper Expands Real Estate Portfolio with A$560bn Logistics Fund Acquisition

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UniSuper, a prominent Australian industry super fund, recently made a significant acquisition in the real estate sector. 

The company has purchased a 50% share in a logistics fund managed by Dexus from Korea’s National Pension Service for a substantial amount of A$560bn. This move has positioned UniSuper as a co-investor alongside Blackstone and Dexus in an Australian industrial partnership worth A$1.1bn.

 The logistics fund, which NPS initially invested in in 2012 with a portfolio value of A$360m, has now grown to include more than 20 assets. Among these assets, 12 are in the Quarry Industrial Estate in Greater Western Sydney. At the same time, the remaining eight are strategically situated in the highly sought-after core industrial market of Truganina, Melbourne.

With this transaction, UniSuper’s unlisted property portfolio has significantly boosted, reaching an impressive A$7.3bn. UniSuper’s ability to execute such a substantial deal swiftly and without resorting to debt funding or regulatory approvals stands out in this acquisition. 

“The investment adds to our A$7.3bn unlisted property portfolio. The transaction highlights UniSuper’s ability to transact swiftly without the need for debt funding or regulatory approvals,” said Nick Stephens, senior manager of property at UniSuper.

The reputable real estate investment manager, Richmond Bridge, skillfully managed UniSuper’s industrial property mandate.

The timing of the transaction played a crucial role in its success. With a reduced number of buyers in the market, UniSuper secured the deal at an attractive entry price. This strategic move by the super fund has expanded its investment horizon in the real estate sector and solidified its position as a major player in the Australian industrial property market. 

As the logistics industry thrives in the region, this acquisition promises to be a valuable addition to UniSuper’s diversified investment portfolio.

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