Barings is delighted to partner with Aware Real Estate in the expansion of its industrial presence in Victoria through the acquisition of Austrak Business Park, a 99 hectare high-quality industrial estate in Melbourne’s North for c.$600M. This transaction is the latest deal arising out of the partnership between Barings and Aware Real Estate.

The industrial estate is situated in the core infill suburb of Somerton, 20 km north of the Melbourne CBD, 10 km northeast of Tullamarine Airport, and 16 km north of the Port of Melbourne. It is composed of a combination of existing buildings, an intermodal freight terminal that is scheduled 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.

“Barings is pleased to continue its partnership with Aware Real Estate through the sourcing of a high-quality industrial and logistics asset that will benefit from significant investment.” Shaun Hannah, Executive Director of Barings said. “This is also an opportunity to unlock value through a master planning process and develop the 100 hectare site to its full potential,” he said.

“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.” Shaun added.

Read the full press release here.