Hong Kong (HK)-based logistics real estate company ESR is acquiring a development site in South East Melbourne, Australia.

Through its recently launched fund, ESR Australia Development Partnership (EADP), ESR is buying the 79-hectare development site from an undisclosed seller.

EADP, a core-plus logistics joint venture between ESR and Singaporean sovereign wealth fund GIC Pte, will buy the property situated at 590 & 620 Western Port Highway in Cranbourne West Victoria.

Furthermore, on completion of the transaction, the site will be developed into a premium-grade logistics hub, with an expected end value of circa A$450 million ($315 million).