Dexus (ASX:DXS) has entered a joint venture (JV) with Boral (ASX:BLD) to develop a large-scale logistics precinct in Ravenhall, Melbourne's western corridor, spanning 630 hectares and targeting up to 2.5 million square meters of lettable space, subject to rezoning and regulatory approvals, according to a Tuesday Australian bourse filing.

The JV structure gives the company and other capital partners a combined 50% stake, while Boral retains the remaining 50%, with the project developed in staged superlots and supported by substantial third-party capital to enhance capital efficiency, per the filing.

The company will oversee rezoning, development, and management, with limited short-term financial impact, while management fees will begin as each stage of investment is completed, the filing added.