Investec Property Limited, the property arm of the specialist bank Investec (INP), said on Tuesday it had partnered with Toyota South Africa (Toyota SA) to acquire and develop the vehicle manufacturer's new R363 million parts distribution centre.

Toyota SA announced on Monday in planned to build this new warehouse, which will house more than 110,000 different parts and components, and serve Toyota SA's 223 local and 70 export delivery points.

Investec Property said it received this mandate from Toyota SA in 2009.

It said Toyota SA had, in consultation with the company, acquired an 18 hectare tract of land near OR Tambo International Airport for the development of the new parts distribution centre.

"Site selection was critical due to location, size and accessibility. It has been a lengthy process and we believe that the right site has been selected to accommodate Toyota's current and future warehousing requirements," David Rosmarin of Investec Property said.

First phase development comprises 40,860m2 of warehouse, 3,475m2 of offices and 7,300 m2 of covered loading area and will take about 12 months to develop.

Investec Property will be constructing the platform for a potential future expansion of a further 38,000m2 of warehouse and 7m000m2 covered loading area.