Dexus Property Group has entered into a joint venture with the National Pension Service of Korea (NPS) for the establishment of a portfolio of Australian industrial properties.
The initial $360-million portfolio consists of 13 industrial properties at three Dexus industrial estates: Quarry in Greystanes, Sydney; Laverton Industrial Estate in Melbourne; and the Target facility in Altona, Melbourne.
The portfolio will be owned 50 per cent by Dexus and 50 per cent by NPS.
The Korean pension fund has the exclusive option to partner in 50 per cent of the future development pipeline at the Quarry and Laverton industrial estates at the prevailing market value.
"This joint venture is the start of a long-term capital partnership with one of the world's largest pension funds and is consistent with our objective of developing strategic partnerships with like-minded investors," Dexus Property Group chief executive Darren Steinberg said.
NPS was advised by real estate investment manager Heitman on the joint venture.
