- This is world's first automated logistics facility
- The site has been acquired by several investors such as AXA IM Alts and Australian Super
- Will be developed into a 850,000sqm warehouse precinct
Moorebank Logistics Precinct (MLP) – set to become the world’s first automated logistics facility – has been acquired by several major investors for a total of $1.67 billion from Qube Limited.
AXA IM Alts who have about $255 billion under management acquired the Moorebank, Sydney asset in partnership with Australian Super, Ivanhoe Cambridge and TCorp (NSW Treasury Corporation) along with logistics developer and investor Logos.
The 243-hectare precinct, in the booming Greater Western Sydney region, will be developed into a warehousing precinct with over 850,000sqm of modernised logistics and industrial warehousing.
MLP will feature fully automated freight movements straddle carriers. These provide greater terminal safety, better sustainability and level of efficiency.
Kumar Kalyanakumar, the Head of Australia AXA IM Alts, said the acquisition of MLP breaks new ground not just for Australian logistics but for the wider Asia Pacific region.
“…both technologically and with regard to its ESG credentials, with MLP’s full automation and energy-and water-saving technologies ensuring that it sets an industry benchmark for sustainable, future-proof logistics facilities,” said Mr Kalyanakumar.
“AXA IM Alts is a long-term conviction-based investor, and this investment aligns well with the business’ ‘beds, sheds and meds’ investment strategy in both Europe and Asia Pacific, with the precinct offering unique exposure into a sector that was already attractive before the pandemic, but which has further grown in appeal as a result of structural trends accelerated by COVID-19.”
“Through this acquisition, we have gained access to a best-in-class asset, comprising a mix of core stabilised and development buildings, which will benefit from the Government’s continued investment into road and rail infrastructure, providing a long-term opportunity for growing scale over time.”
Kumar Kalyanakumar, the Head of Australia AXA IM Alts
Currently, the site comprises over 150,000sqm of large modern warehousing which is occupied by various national and international businesses. A number of pre-lets have been secured for the site already, totalling 125,000sqm of space.
The planned development is expected to be completed in 2026, with an end value of around $4 billion.
MLP has the added benefit of being co-located in what is currently Australia’s largest intermodal facility – including a dedicated rail line to Port Botany, Sydneys main seaport.
The precinct is conveniently less than 20 kilometres from the Sydney CBD and 15 kilometres from Sydney Airport and Port Botany.
The site will be developed to high ESG standards and expected to be among the most energy-efficient logistics parks in the world when completed with the roof-top solar expected to generate up to 50,000 MWh annually of onsite renewable power.