SINGAPORE - Property group Australand, which Frasers Centrepoint acquired last August, has secured supply chain company Ceva Logistics for its new 90,000 square metre warehouse and office facility, in what has been one of the largest deals in Australia in years.
The deal takes the total industrial space transacted by Australand in Melbourne over the last six months to around 200,000 sqm, equating to approximately US$200 million (S$ 271.6 million) in value, a company release issued on Wednesday stated.
The new facility, at West Park Industrial Estate, will be the centrepiece of Ceva's growth plans in Australia and New Zealand once completed in mid 2016. It will have an end value of over US$80 million and Ceva has committed to an initial 10 year lease over the site, the release added.
Mr Anthony Maugeri, Australand General Manager in charge of the southern region, said the Ceva deal caps a period of intense industrial activity in Australand's Melbourne estates.
"The strategic location of West Park, our capacity to deliver and our longstanding strong relationship with CEVA were the core ingredients in converting this project."
Acquired by Singapore's Frasers Centrepoint Limited (FCL) in 2014, Australand's activities across Australia cover development of residential land, housing and apartments, development of and investment in income producing commercial and industrial properties and property management.
Main-board listed FCL is an international real estate company with total assets above S$22 billion. It's core businesses include residential, commercial, hospitality and industrial properties spanning more than 50 cities across Asia, Australasia, Europe, and the Middle-East.