AMP Capital has announced the signing of Electrolux, a global leader in household and professional appliances, on a 10-year lease at Crossroads Logistics Centre (CLC), located at Casula in Sydney's
This follows the signing of WesTrac and Cosentino, who have already committed to 36,300 square metres of purpose-built facilities at the centre.
AMP Capital's Managing Director of Office & Industrial, Luke Briscoe, said: "The signing of Electrolux as a key customer to join Crossroads, reinforces the development's appeal and the strength of the current
industrial leasing market in Sydney."
According to Mr Briscoe, the major drivers behind Electrolux's decision to commit to the development were the strategic location of the centre and the adjacent amenities available for their 250 staff.
Mike Putt, Managing Director of Electrolux Home Products - Australia and New Zealand, said the move was both strategic and necessary and gave the company an opportunity to design a showcase facility to
accommodate the company's future needs.
"It is a superb location in Sydney's expanding south-western suburbs and the growth businesses that we've bought in recent years require more warehousing and administrative space," Putt said.
"At the same time, we've set ourselves targets to deliver a remarkable consumer experience in everything we do and we wanted premises that both allow us to do that and befit Electrolux's position as Australia's leading major appliances company."
AMP Capital will commence construction of the purpose-built facility for Electrolux in the second half of 2017, which will occupy close to 25,000 square metres of the Centre. This marks the next stage of the
development, with a value on completion of circa $130 million, which is nearing full commitment with only one precinct remaining available for lease.
Crossroads Logistics Centre is owned by investors in the AMP Capital Diversified Property Fund (ADPF) which aims to maximise fund performance through the development of its existing assets.
Once complete, Crossroads Logistics Centre which is located in the growth corridor in Western Sydney, will accommodate approximately 80,000 square metres of high-quality warehouse and office space
across three separate precincts. It will become the cornerstone of ADPF's industrial and logistics portfolio and one of the key drivers in delivering superior investment returns for investors.
According to Mr Briscoe, "We are excited about the progress of this development and we are now focused on partnering with new customers to occupy our Precinct B which is DA approved and ready to go."
About AMP Capital
AMP Capital is a specialist investment manager with more than A$165 billion in funds under management as at 31 December 2016 and more than 250 investment professionals. AMP Capital has a heritage and
strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. It is a subsidiary of AMP Limited, which was established in 1849, and is one of Australia's
largest retail and corporate pension providers.
AMP Capital Real Estate is one of the largest direct real estate Fund Managers in Asia-Pacific* and one of the largest investment managers of real assets globally**. With a total team of over 450 undertaking fund, asset, property, development and finance management, the business has AU$23 billion*** in direct
real estate assets under management on behalf of institutional and retail investors.
*ANREV/INREV/NCREIF Fund Manager Survey 2016
**Towers Watson, Global Alternatives Survey, 2015
*** As of 31 December 2016. Represents draw down amount on a fully-funded basis.