UniSuper has acquired a warehouse, logistics and manufacturing greenfield development site in Deer Park, Melbourne for $260 million. 

The higher education industry fund purchased the surplus land from explosive and mining service company Orica, negotiated alongside its adviser, GPT, as part of an approximately $3 billion separate account direct property mandate with UniSuper. 

The 66-hectare site is located 15 kilometres west of Melbourne CBD and can potentially accommodate over 330,000 square metres of prime logistics and warehouse space once fully developed. The development will target a 5 Star NABERS Energy rating upon completion. 

The investment is forecast to have an end value of over $1 billion and takes UniSuper’s unlisted property holdings to $8 billion.