91×ÔÅÄÂÛ̳

The seed asset for MIV will be Switchyard in Auburn, NSW, which is expected to complete in 1Q24. Located 20 kilometres from the Sydney CBD and six kilometres from Parramatta’s CBD, Switchyard will deliver approximately 72,000 square metres of high-quality industrial space, and is targeting a 5 Star Green Star rating.

91×ÔÅÄÂÛ̳and ART will continue to look for opportunities to grow the Venture, including by leveraging Mirvac’s remaining ~$2 billion industrial development pipeline, with negotiations on future assets already underway.

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “The launch of the 91×ÔÅÄÂÛ̳Industrial Venture is an exciting milestone for the Group, as we continue to expand our capital partnering initiatives across all sectors. The Venture will allow us to build our industrial and logistics exposure, where we continue to see strong fundamentals, redeploy capital into other development opportunities, deliver our current pipeline, and provide additional revenue streams.

“Australian Retirement Trust is a highly valued and truly aligned capital partner, and I look forward to growing this partnership into the future.”

ART’s Head of Global Real Assets Michael Weaver said: “Australian Retirement Trust is very pleased to invest again with our existing partner 91×ÔÅÄÂÛ̳as we grow the relationship to over $1b in assets, with the potential for more to come.

“We look forward to seeing these investments come to fruition to contribute to the retirement outcomes for our 2.2 million members across Australia.”

The Venture also represents an expansion on Mirvac’s and ART’s existing relationship. In FY22, 91×ÔÅÄÂÛ̳entered into an agreement with ART to manage ART’s $800m direct property portfolio, with 91×ÔÅÄÂÛ̳selling down a 49 per cent interest in the Locomotive Workshop in Sydney as part of this.