C Capital Plots Aussie Debut with $4.5bn Vic Logistics Play

Hong Kong-based C Capital is launching its first large-scale infrastructure investment in Australia with a logistics precinct north of Melbourne after a major land deal.

C Capital has acquired 507ha of land at Beveridge, 40km north of the Victorian capital. 

The landholding is in the state’s planned Northern Freight Precinct, a key connection to the Inland Rail project, the infrastructure megaproject that will connect Melbourne and Brisbane. 

The site was one of the few remaining large-scale plots available in the precinct, according to C Capital.

The project planned for the land, which will include logistics, industrial and data centre assets, is expected to have an end value of $4.5 billion.

C Capital has appointed Lendlease as the master development partner for the project, which has been called a “rare opportunity to meet long-term demand from logistics, industrial and data centre occupiers”.

The partners will rezone the land and develop supporting infrastructure.

Lendlease will have the option to acquire all or part of the rezoned land, and to introduce investment partners to progress the subsequent development.

Global asset management firm C Capital was founded in 2017 by Hong Kong billionaire Adrien Cheng and has since added investments from fast fashion chain Shein to AI robotics company Agibot to its portfolio. 

Its first Australian investment was Fortitude, a renewable energy investment platform based in NSW.

▲ The Victorian section of Inland Rail includes upgrading 262km of track between Beveridge and Albury-Wodonga.

C Capital, which has $1.2 billion of assets under management, has steadily been building its presence in Australia after its acquisition by Youngtimers AG, a Swiss listed company. 

Youngtimers acquired Sydney-based Richmond Funds Management in February 2025, renaming it to launch the C Capital Australia brand. 

C Capital chief executive Ben Cheng said the investment “reflects C Capital’s long-term conviction in Australia as a core market within our pan-Asia strategy”. 

Cheng said that C Capital Australia was focused on deploying “patient capital” into assets aligned with long-term infrastructure  growth. 

C Capital partner and co-head of Australian operations Seil Kim said the move was a “significant step in the build-out of our Australian platform and reflects our confidence in the long-term fundamentals of Victoria’s industrial and logistics market”.

Likewise, Lendlease chief executive of development Tom Mackellar said that ongoing demand for industrial and logistics sites in Victoria and forecast low vacancy rates signalled increased demand in the state. 

This was after a steady year for Victorian industrial and logistics, where Melbourne vacancy rates reached up to around 4.7 per cent by the end of the year from even lower levels at the start of 2025. 

Despite a modest decline in rents in 2025, according to CBRE, an anticipated slowdown in supply completions from 2026 will fuel ongoing, longer-term demand for industrial.