MinterEllison has advised Richmond Bridge and their capital partner UniSuper on the 50% acquisition in a $1.1 billion industrial property portfolio from National Pension Service of Korea for $560 million. UniSuper's co-owners in the portfolio are Dexus and Blackstone.
The industrial property portfolio has 20 assets - 12 are in Western Sydney, and eight are in Truganina, Melbourne. Anchor tenants include Coles, Toll, Northline, Roche, Blackwoods, Symbion and UPS.
MinterEllison Partner and Real Estate Industry Leader Carla Deluca led the team of Property, Real Estate Industry, Tax and Financial Service experts. The team advised on all aspects of the transaction - due diligence, land acquisition, co-ownership documentation, the establishment of special purpose trust vehicles, tax and superannuation regulatory issues.
Carla Deluca commented on the deal, "The team is pleased to advise Richmond Bridge and their capital partner UniSuper on its latest acquisition. Our ability to bring a multi-disciplinary team together, working to tight timeframes, is a testament to our property transaction expertise and knowledge of the real estate industry sector. We look forward to working with the Richmond Bridge and UniSuper teams again."
This is Richmond Bridge's second acquisition for the superfund, expanding its exposure in logistics within its property portfolio. Earlier in 2023 MinterEllison advised Richmond Bridge on UniSuper's $105million industrial development site in Yarraville, Melbourne.
