We advise UniSuper and GPT Group on major logistics acquisition in Melbourne, Australia

Global law firm Norton Rose Fulbright has advised superannuation fund UniSuper, through its mandate with fund manager GPT Group, on the acquisition of a AU$260 million warehouse, logistics and manufacturing development site in Deer Park, Victoria from Orica.

The site has the potential to accommodate over 330,000 square metres of prime logistics and warehouse space once fully developed, with a forecast end value of more than AU$1 billion.

As part of the acquisition and development, GPT and HB&B Property will deliver infrastructure and civil works for the planned industrial estate, providing improved access to major arterial roads for the estate and the neighbouring Orica Deer Park facility. The development will improve the industrial facilities available in the busy West Melbourne industrial precinct.

The firm also acted for UniSuper and GPT in the appointment of HB&B as development managers for the project.

This transaction follows the landmark deal Norton Rose Fulbright completed for a UniSuper-backed consortium on the acquisition of a majority stake in Queensland’s Pacific Fair Shopping Centre and 50 per cent of the Macquarie Centre in NSW. The firm also has a history of advising on major industrial deals, such as assisting leading Asia-Pacific logistics real estate platform ESR to acquire Blackstone’s Milestone logistics portfolio – the largest real estate deal in Australian history when it was announced in April 2021.

Norton Rose Fulbright real estate partner Adrian Jones commented:

“We were thrilled to close out this landmark deal for our longstanding clients UniSuper and GPT.  This acquisition shows the continued appetite for super-prime logistics and warehousing development opportunities in Melbourne’s growth areas, and demonstrates our firm’s market-leading expertise in transacting on industrial properties.”

GPT Fund Manager Will Grice commented:

“Norton Rose Fulbright proactively navigated the deal specific complexities, which allowed GPT to secure the land acquisition through the competitive off-market process. The advice and guidance provided by Adrian and the Norton Rose Fulbright team was integral to negotiating the transaction documents, achieving the conditions to the settlement and settling the acquisition on time.”

The team was led by Adrian Jones with support from partner Tamara Brezzi on planning and environment, partner Greg Reinhardt on tax, special counsel Stephanie Barnes and senior associates Carmen Bradfield and Jacinta Magazzu.