Mitsui OSK Lines has announced its participation in a project to to develop and lease industrial real estate in Australia through an investment in a fund established and managed by Hankyu Hanshin Properties Australia Pty Ltd, an Australian subsidiary of Hankyu Hanshin Properties Corp.
MOL will acquire interests in 11 logistics projects consisting of four properties in Sydney, three in Melbourne, three in Brisbane and one in Perth. MOL will engage in development and leasing operations in co-operation with ESR Group, which has US$156 billion in assets under management globally.
The project encompasses a total of 11 logistics properties (43 buildings; approx 1.69 million cubic metres of site area; approx 860,000 cubic metres of total leased floor area) consisting of both existing facilities and newly developed properties. All of them are located in major logistics hubs in various cities in Australia and have excellent floor space and ceiling height specifications. With advanced equipment such as air conditioning and automated refrigeration/freezing systems, etc. installed in many of them, the project partners anticipate stable rental demand.
MOL Group company Daibiru Corporation has already entered the office building development business in Australia, and MOL now aims to generate stable earnings in the field of industrial real estate, where demand is expected to grow sharply in response to rising e-commerce volume, the company explained in a statement.
