Logistics giants ESR and Frasers Property Industrial have joined forces to snap up a 64.4ha development site in Melbourne’s south-east which they plan to develop into a $900 million industrial estate.

While both developers and the site’s vendor, the Rich List Tarascio family’s Salta Properties, were tight-lipped on the purchase price, well-placed industry sources said the 635 Hall Road property in Cranbourne West had transacted for more than $200 million.