Asia based logistics and real estate platform, ESR has partnered up with Frasers Property Australia in a 50:50 Joint Venture. This partnership will see Frasers Property to acquire an asset in Mulgrave, south east Melbourne with ESR undergoing a development to form the new local headquarters of carmaker Nissan.
The 4.67 ha site at 254 Wellington Road will be acquired from a Charter Hall Direct Industrial Fund No.3 for $14.5M. Charter Hall previously acquired this land as part of a larger 14.4 ha site back in 2012 from local private equity firm Pacific Equity Partners.
The asset has planning approval for 60,000 sqm of commercial space, a café and retail area and 2,497 car spaces. This development marks the continued expansion of ESR into the Australian market following the completed $723M buyout of ASX-listed fund manager, Propertylink back in April 2019.