Allens has advised Mirvac on the acquisition of the Aspect North precinct as part of its role in establishing the Mirvac Industrial Venture (MIV).
MIV was established with superannuation fund Australian Retirement Trust (ART), who is a 49 per cent investor, with Mirvac retaining the remaining 51 per cent. Industrial park 'Switchyards' in Auburn NSW was the seed asset for MIV's portfolio, expanding the broader relationship between Mirvac and ART to approximately $1 billion.
The latest asset to be secured into the portfolio, Aspect North, is part of Aspect Industrial Estate at Kemps Creek in Western Sydney, a 56-hectare greenfield site in the Mamre Road precinct and part of the Western Sydney Aerotropolis.
'The successful launch and expansion of MIV is a demonstration of the resilience in the industrial, logistics and last mile segments, which continues to attract long-term private capital commitments from superannuation funds and other institutional investors,' said lead partner Sean Cole.
Mirvac and ART will continue to look for opportunities to grow the Venture, including by leveraging Mirvac’s remaining approximately $2 billion industrial development pipeline.
Allens is delighted to be working with Mirvac on the MIV platform as the group continues to expand its capital partnering initiatives.
Allens legal team
Investment funds / Corporate
Sean Cole (Partner), Amina Karcic (Senior Associate), Penny Sarantis (Senior Associate), Gilad Harel (Associate), Claudia Silano-Malouf (Associate), Wayne Kwok (Associate), Jasmine Yang (Lawyer)
Real Estate / Projects
Tim Chislett (Partner), Eugene Tan (Partner), Sam Fisher (Senior Associate), Alexandra Tie (Senior Associate), Thomas McKenzie (Associate)