Aware Real Estate, in partnership with Barings has expanded its industrial footprint in Victoria with the acquisition of Austrak Business Park, a 99 hectare high-quality industrial estate in Melbourne’s North for c.$600M.

Located in the core infill suburb of Somerton, 20 km north of the Melbourne CBD, 10km north east of Tullamarine Airport and 16km north of the Port of Melbourne, the industrial estate is a mix of existing buildings, an intermodal freight terminal due for completion in 2025, and development land.

It is also connected with major transport infrastructure and prominent transport nodes including the Port Rail Shuttle Network and the Inland Rail Freight Corridor.

Current tenants include Coles, Bunnings and Labelmakers, while the total development site area encompasses about 373,000 sqm with almost 140,000 sqm having frontage to the Hume Highway.

The transaction is the latest deal arising out of the partnership with Barings, the US$406+ billion* global investment manager which under the previous banner of Altis Property Partners, played a foundational role in establishing the Aware Real Estate portfolio.

Aware Real Estate has acquired 100% of the Property from the 50/50 joint venture owners, GPT and Austrak AFM.

Michelle McNally CEO Aware Real Estate says,

“The Austrak Business Park represents a significant milestone for our strategic growth into the industrial sector and follows our other developments in New South Wales, The Yards and First Estate.”

“Together with Barings, have developed a cohesive precinct masterplan which will deliver a stronger value proposition for new tenants through the integration of new development opportunities with the existing footprint and the intermodal facility.”

See the full press release here.

Read the article in The Australian Monday 19th August 2024.