25 July 2023
UniSuper, the $120 billion superannuation fund open to all Australians, has acquired a prime 50% interest in a 340K sqm industrial property portfolio comprising 20 assets across Sydney and Melbourne, in a deal worth over $500 million AUD. The portfolio was purchased from the National Pension Service of Korea.
Of the 20 portfolio assets, 12 are located in the Quarry Industrial Estate in Greater Western Sydney, widely recognized as one of the country's premier industrial estates. The remaining eight assets are situated in the highly sought after core industrial market of Truganina, Melbourne.
The modern portfolio is underpinned by an excellent tenant profile including companies such as Coles, Toll, Northline, Roche, Blackwoods, Symbion, and UPS.
The acquisition was negotiated on behalf of UniSuper by real estate investment management firm Richmond Bridge under an industrial property investment mandate, while Cushman & Wakefield's Tony Iliuano and Adrian Rowse represented the vendor. UniSuper will invest alongside existing co-owners Dexus and Blackstone in this venture.
Quote attributable to Nick Stephens, Senior Manager Property at UniSuper:
Quote attributable to George Locke, Richmond Bridge Director / Peter Wylie, Chief Investment Officer at Richmond Bridge:
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Note to editors
UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For forty years, UniSuper has been managing super for people employed in the higher education and research sector, and as of 2021 opened the fund to all Australians. UniSuper currently invests over $120 billion on behalf of over 615,000 members*.
Please note past performance is not an indicator of future performance. The information provided above is of a general nature only and does not take into account your individual objectives, financial situation or needs.
Please consider the Product Disclosure Statements and Target Market Determinations relevant to your membership category on our website and your situation before making decisions, because we haven’t.
Consider the appropriateness of the information having regard to your personal circumstances and consider consulting a licensed financial adviser before making an investment decision based on the information provided above. Issued by UniSuper Limited ABN 54 006 027 121 the trustee of the fund UniSuper ABN 91 385 943 850.
*As at June 2023.
About Richmond Bridge:
Founded in 2022, Richmond Bridge is an Australian real estate investment management and advisory firm focused on providing investors with access to best-in-class specialist real estate capability catering to the current and future investment objectives of institutional investors.