The acquisitive Macquarie Capital-backed Logos has added to its industrial portfolio with the purchase of a prime logistics facility leased to Toll Transport in Altona North.
As part of the deal Logos acquired two adjoining buildings, one leased to Toll and the other to Visa Global Logistics, with a combined gross leasing area of 21,720 square metres, for $27.3 million.
The properties at 27-43 Toll Drive are neighbours of Dexus' large Altona North industrial estate where it recently purpose-built a logistics and distribution centre for retailer Kathmandu.
Logos purchased the asset from local developer Cadence Property Group that completed the facility for Visa Global Logistics in 2016 on a 10-year lease.
The building occupied by Toll is set to be vacated but there was strong interest from potential occupiers looking to backfill the space, Logos joint managing director John Marsh said.
Logos' recent purchases in Melbourne include the Oxford Cold Storage facility and the Toll NQX facility in Altona last year, which came with a combined price in excess of $250 million.
"We are very confident with the demand and dynamics of the Altona North market, giving us confidence to take leasing risk for an asset of this size and nature," Mr Marsh said.
More recently Logos purchased two industrial land parcels - 7 Logistics Place in Larapinta, Queensland and 10-14 John Morphett Place in Erskine Park, NSW - for about $60 million, which it will develop this year.
