Mirvac and Australian Retirement Trust launch new industrial vehicle

9th June 2023

Leading property group, Mirvac, and its existing capital partner, Australian Retirement Trust (ART), one of the country’s largest super funds, have today announced the launch of the ~$0.37bn Mirvac Industrial Venture (MIV or the Venture). ART will invest 49 per cent in the Venture, with Mirvac to retain the remaining 51 per cent.

The seed asset for MIV will be Switchyard in Auburn, NSW, which is expected to complete in 1Q24. Located 20 kilometres from the Sydney CBD and six kilometres from Parramatta’s CBD, Switchyard will deliver approximately 72,000 square metres of high-quality industrial space, and is targeting a 5 Star Green Star rating.

Mirvac and ART will continue to look for opportunities to grow the Venture, including by leveraging Mirvac’s remaining ~$2 billion industrial development pipeline, with negotiations on future assets already underway.

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “The launch of the Mirvac Industrial Venture is an exciting milestone for the Group, as we continue to expand our capital partnering initiatives across all sectors. The Venture will allow us to build our industrial and logistics exposure, where we continue to see strong fundamentals, redeploy capital into other development opportunities, deliver our current pipeline, and provide additional revenue streams.

“Australian Retirement Trust is a highly valued and truly aligned capital partner, and I look forward to growing this partnership into the future.”

ART’s Head of Global Real Assets Michael Weaver said: “Australian Retirement Trust is very pleased to invest again with our existing partner Mirvac as we grow the relationship to over $1b in assets, with the potential for more to come.

“We look forward to seeing these investments come to fruition to contribute to the retirement outcomes for our 2.2 million members across Australia.”

The Venture also represents an expansion on Mirvac’s and ART’s existing relationship. In FY22, Mirvac entered into an agreement with ART to manage ART’s $800m direct property portfolio, with Mirvac selling down a 49 per cent interest in the Locomotive Workshop in Sydney as part of this.



Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.