According to The Australian Financial Review, 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.
The partners will develop 70,000 square metres of logistics facilities with an end value of $175 million on a 12.1-hectare site at 92 Enterprise Road in Pakenham. 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. https://www.afr.com/property/commercial/mitsubishi-partners-with-esr-on-first-aussie-logistics-project-20240731-p5jy09
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