The real estate arm of Australian industry superannuation fund Aware Super has partnered with Barings to acquire a A$600m (€362m) industrial estate in southeastern Australia from GPT Group and developer Austrak AFM.
The 99ha Austrak Business Park estate in Melbourne’s North is in the core infill suburb of Somerton.
With the latest acquisition, Aware Super Real Estate, has committed up to A$1bn in the Melbourne industrial precinct. The Intermodal Terminal Company, established by Aware Super in 2021, is building a A$400m intermodal terminal next to the logistics park in Somerton.
Aware Real Estate CEO Michelle McNally said: “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.”
Barings Real Estate executive director Shaun Hannah said the investment was an opportunity to unlock value through a master planning process and develop the 100-ha site to its full potential.
“We believe Austrak Business Park is a transformative precinct and are excited to redefine supply chain efficiencies both in Melbourne and for the state of Victoria through this development,” said Hannah.
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