Boral Limited has entered into a joint venture agreement with Dexus to develop the Ravenhall Logistics Precinct, a state-significant industrial landholding in Melbourne’s western corridor with a potential lettable area of up to 2.5 million square metres.

The joint venture will see Boral’s 630-hectare landholding at Ravenhall progressively transformed into a world-class logistics and warehousing precinct, subject to rezoning. Conveniently located approximately 20km west of Melbourne’s CBD with immediate access to Western Freeway and future Outer Metropolitan Ring Road (2km), it contains an existing rail spur linking to Port of Melbourne for potential multimodal logistics. Boral will contribute land on a staged basis at market value following rezoning and ultimately hold a 50% interest in the development. Dexus and its capital partners will hold the remaining 50%.

Boral CEO Matt McKenzie said: “This joint venture is a significant milestone for Boral and a compelling demonstration of the long-term value embedded in our landholdings.”

“Ravenhall is one of the most strategically important industrial sites in Australia. This partnership with Dexus allows Boral to unlock that value in a disciplined, capital-efficient way – contributing land rather than cash. It represents a continuation of our Good to Great strategy by optimising our significant land assets for recurring earnings.

“Importantly, the phased development structure means our quarrying operations will continue uninterrupted. Using the sheer scale of the site, we will sequence development stages around existing operations to maintain continuity of hard rock supply to the Melbourne market.

“This development is another example of how Boral is contributing to a stronger economy in Victoria over the long-term.”

The project is expected to deliver significant long-term benefits to Victoria. At full operation, the precinct is forecast to contribute up to $14.9 billion per annum to the Victorian economy and employ more than 31,000 FTE per annum[1].

The precinct will be located at Boral’s Deer Park Quarry, where Boral has been extracting basalt since 1968. Boral’s Deer Park Quarry is a critical supplier of hard rock to the Melbourne construction market. Quarrying operations will continue in parallel with development as part of a detailed transition strategy. The staged development approach has been deliberately structured to accommodate this transition.

[1] Figures are based on an IMEX Intermodal terminal being incorporated within the Ravenhall Logistics Precinct

Architecture & Design Team

Boral

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