(MELBOURNE, AUSTRALIA) – Hines, the global real estate firm, announced today that Hines Asia Property Partners (“HAPP” or the “Fund”), the firm’s flagship commingled Asia Pacific core-plus fund, has continued its expansion into the Australian industrial and logistics sector with its second acquisition comprised of two logistics properties from Honda Australia. These are HAPP’s first logistics acquisitions in Melbourne, underlying the fund’s continued commitment to investing in both the country and the industrial sector.
The first property is in Tullamarine (85-95 Sharps Road) and will be the first major ground-up logistics development for Hines in Australia after Honda vacates the property in early 2024. The Tullamarine site sits adjacent to Melbourne Airport. The new development will occupy a high-profile corner site with exposure to Sharps Road and Keilor Park Drive which are major arterial networks from the M80 to the airport. Hines anticipates this location will appeal to a broad cross-section of occupiers and so intends to develop a next-generation logistics hub on the Tullamarine site.
The second property is in Campbellfield (1954-1956 Sydney Road) and is a freestanding office/warehouse building opposite from the former Ford Factory, which is being redeveloped into a mixed-use business park aiming to provide significant amenity to the precinct, including quick service retail outlets, a childcare center, hotel and conference center.
“Throughout the Asia Pacific region, we are seeing sustained demand for Hines’ next-generation facilities and we intend to strategically invest and deliver this type of product,” commented Chiang Ling Ng, CIO of Asia Pacific at Hines. “These new Australia acquisitions are adding further scale to Hines’ growing industrial and logistics platform in the region and help expand our investors’ exposure to the dynamic logistics sector across Asia Pacific.”
Since 2020, Hines has secured 11 logistics assets in Asia Pacific totaling 633,192 square meters (6.81 million square feet) over seven cities in Australia, China, Japan, South Korea, and Singapore. The latest Australian acquisition will give Hines even greater scale and was led by Alysia Reilly, Head of Industrial and Logistics, Australia.
Globally, Hines has invested nearly USD$6.3 billion in the industrial and logistics sector as of Q1 2022 and completed over 76 acquisitions representing more than 5.49 million square meters (59.1 million square feet). Hines has an additional 96 development projects ranging from in-design to completed, currently held in the portfolio.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of 31 December 2021