Area 53, a specialist life science and innovation platform, jointly owned by funds managed by BlackRock and private real estate equity firm Wentworth Capital, has acquired a A$200m (€112m) Australian site.
The acquisition of the 6.56ha site in Sydney’s North Ryde, located within the Macquarie Park Innovation district, represents the joint venture’s third purchase, increasing its portfolio’s value to over A$500m.
Ben Hickey, head of Australia real estate at BlackRock, said: “The North Ryde campus presents a unique opportunity to support the growing demand for specialised research and development facilities, as well as its continued institutionalisation in Australia.
“This acquisition perfectly aligns with our strategy and commitment to investing in high-quality life sciences assets in key urban locations and reflects our broader conviction in the sector in Australia.”
Hickey added that the acquisition was part of a broader initiative by Wentworth and BlackRock to continue growing Area 53 into an A$1.5bn life sciences real estate platform in Australia.
Paul Apostoles, co-founder and executive director at Wentworth, said: “This acquisition and the expansion of our specialist platform company Area 53, reinforces our thesis that Australia’s life sciences sector presents a similar opportunity to what we’ve seen play out in more mature markets globally.
“It further demonstrates our contrarian investment approach by securing a large landholding with irreplaceable scientific infrastructure at a compelling price, with multiple value-creation levers.”
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