The Japanese property giant will add logistics to a local portfolio which includes investments in luxury apartments, build-to-rent and land lease estates.
Japanese property giant Mitsubishi Estate Asia has made its first investment in Australia’s industrial sector after partnering with global platform ESR on a $175 million estate in south-east Melbourne.
A 12,600-square-metre facility pre-leased to a global textile manufacturer is already under construction and due to be completed early next year. Development of the second stage of Enterprise Industry Park, as it will be known, is expected to start later this year and is available for lease.ESR Australia CEO Phil Pearce said he hoped to grow the partnership with Mitsubishi Estate over time and undertake further logistics projects with them.
“We are now invested in every key real estate sector including living, office, hotel and now logistics and industrial. Mitsubishi’s goal is to expand further in these key sectors with the valuable support of our trusted partners,” he said. Greg Hyland and Stuart McCann from CBRE advised ESR while Nathan Parris from Emerge Capital represented Mitsubishi Estate.
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