Aware Real Estate has expanded its industrial real estate footprint in Victoria, Melbourne, Australia, in partnership with Barings with the acquisition of a A$600 million ($402 million) business park, Austrak Business Park, a 99-hectare (245-acre) high-quality industrial estate in Melbourne’s north, according to media outlets.
Aware Real Estate has acquired 100 percent of the property located in Somerton from the 50-50 joint venture owners, GPT and Austrak AFM. Current tenants include Coles, Bunnings and Labelmakers, while the total development site area encompasses approximately 373,000 square meters (4.01 million square feet).
It is part of Aware’s A$6 billion ($4 billion) platform's strategy of acquiring well-located assets with strong tenants.
