POWERED BY MOMENTUM MEDIA
UniSuper secures $105m Melbourne redevelopment property
Superannuation fund UniSuper is set to expand its industrial property portfolio with the recent acquisition of a 13-hectare property in Yarraville, Victoria.
The $105 million deal was deemed a “rare infill redevelopment opportunity in a prime industrial market close to the Port of Melbourne”, expected to benefit from major projects nearby like the Fishermans Bend Urban Renewal project and the West Gate Tunnel.
“We are very pleased with this acquisition which we believe when fully redeveloped will be very attractive to industrial and logistics occupiers and an excellent addition to our $6.3 billion unlisted property portfolio,” said Nick Stephens, senior manager property at UniSuper.
“We intend to redevelop the property over the medium term into a modern infill logistics estate and look forward to considering additional opportunities to grow our industrial property portfolio further.”
The acquisition of the property at 1-7 Cawley Road, Yarraville was facilitated by real estate investment management firm Richmond Bridge, as part of a new advisory mandate to build an industrial property portfolio across major Australian capital cities over time.
Richmond Bridge would provide investment and asset advisory services for the Yarraville asset and HB&B Property will provide development management services.
Pete Wylie, founding partner and CIO of Richmond Bridge stated, “We are grateful for the trust and backing that UniSuper has put into Richmond Bridge. We have the right team and structure to deliver exceptional service to UniSuper as we assist them to build out a market leading industrial property portfolio.”
According to Kurt Beckhaus, managing director of HB&B Property, the Yarraville property was an “ideal asset” to seed a strategic affiliation.
“We also know the UniSuper team very well and are excited to be able to partner with them as they build out a high-quality portfolio,” he added.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
