Allens has advised Elanor Investors Group on a joint venture with PGIM Real Estate and its first acquisition to develop a world-class logistics complex.
The acquisition represents one of the largest industrial property transactions in Australia this year.
The 19-hectare site, located in Mulgrave, Victoria, boasts strong potential for last mile logistics, with access to major arterial roads placing it within 30 minutes' drive of approximately 35% of Melbourne's population. At completion, the development has the potential to deliver approximately 113,000 square metres of gross lettable area.
Allens advised on all aspects of the joint venture negotiation and site acquisition.
'We are proud to have worked alongside Elanor from day one on its expansion into the industrial and logistics space as they seek to take advantage of surging e-commerce in Australia,' said lead Partner Tim Chislett.
'We congratulate Elanor and PGIM on their joint venture and look forward to seeing this exciting new development take shape.'
Allens legal team
Real Estate & Development
Tim Chislett (lead Partner), Kelly Rankin (Senior Associate), Adele Carrubba (Senior Associate)
Funds, Super and Financial Services
Penny Nikoloudis (Partner), Mai Go (Managing Associate), Jamil Diu (Senior Associate), Marc Privitelli (Associate)