Australian superannuation fund Aware Super has committed A$1.6 billion ($1.01 billion) to the Melbourne Intermodal and Industrial Exchange development to support expanded capacity and the creation of 3,000 jobs.
Aware Real Estate, a unit of the A$175 billion superannuation fund, owns and manages MIIX, which includes the nation’s first privately funded open-access intermodal freight terminal. It is being developed in partnership with Barings.
Aware Super’s subsidiary Intermodal Terminal Company is developing the Melbourne Intermodal Terminal, the first in its projected pipeline of “independently owned and operated” intermodal terminals.
Development of the MIIX was flagged at the start of 2023; it is set to be Australia’s largest intermodal terminal and is intended to boost the national supply chain and generate jobs.
The planned expansion will generate 1250 jobs on top of 60 from the MIT’s development and 750 roles during the construction phase, equating to 3000 jobs in total, Aware Super said.
Aware Super chief executive Deanne Stewart said the investment will generate “strong returns” and illustrate private capital’s significance in a long-term vision.
“The fusion of this industrial precinct with the MIT will create a core piece of essential infrastructure and real estate which will enable a vital connection to our nation’s import and export of goods,” Stewart said in a statement.
Aware Real Estate interim chief executive Tracey Whitby echoed Stewart’s sentiment.
“MIIX will be a multi-layered destination that lies at the intersection of rail and road in Melbourne’s north, and reimagining what’s possible for the nation’s future supply chain,” Whitby said in a statement.
Barings executive director Shaun Hannah added the strategy is to deliver high-quality developments including amenities such as cafes, solar panels and EV charging infrastructure.
“Together we have developed a cohesive precinct masterplan which will deliver a stronger value proposition for new tenants through the integration of new development opportunities with the existing footprint and the intermodal facility,” Hannah said in a statement.
This article originally appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.
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Tags: Australia, Aware Real Estate, Aware Super, Barings, Global Infrastructure