Aware Real Estate has expanded its industrial real estate footprint in Melbourne in partnership with Barings with the acquisition of an A$600 million (US$404 million) business park, Austrak Business Park, a 99-hectare 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 metres.

It is part of Aware’s A$6 billion (US$4 billion) platform’s strategy of acquiring well-located assets with strong tenants.