Elanor Investors Group, a real estate investment and funds management group, formed a joint venture with ICON Developments, Japan's Kajima Corporation subsidiary, to develop a targeted $250 million prime Australian logistics portfolio.

The joint venture also began exclusive due diligence to acquire a brownfield development opportunity in northern Melbourne, Victoria.

The move will allow the group to build a high-quality industrial real estate portfolio in a supply-constrained environment.

Elanor Investors Group has around $6.2 billion in funds under management across Australia and New Zealand.