Aware confirmed that, in partnership with Barings, it acquired 100 per cent of the property from the 50-50 joint venture owners, GPT and Austrak AFM.
Located in Somerton, which the fund highlighted as a core infill suburb within the region, the industrial estate is a mix of existing buildings, Australia’s largest intermodal freight terminal due for completion in 2025, and development land.
Current tenants include Coles, Bunnings, and Labelmakers, while the total development site area encompasses approximately 373,000 square metres.
The transaction marks Aware’s latest deal out of its partnership with Barings, the US$409 billion global investment manager that has helped establish the Aware Real Estate (ARE) portfolio.
ARE chief executive Michelle McNally said the investment is part of the $6 billion platform’s strategy of acquiring well-located assets with strong tenants and the opportunity to add value through development.
“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,” McNally said.
She added that together with Barings, ARE has developed a “cohesive precinct masterplan” that will deliver a stronger value proposition for new tenants.
“Our strategy will deliver high-quality new developments with strong placemaking featuring amenities for the site such as cafes and ESG performance with energy-efficient buildings, solar panels and EV charging,” McNally said.
“We will also create a new identity for the estate with targeted marketing strategies to increase its visibility and attraction to potential tenants.”
An increase in demand for the park is also expected once the Somerton Intermodal Terminal becomes fully operational next year – a project that Aware is also backing.
Barings real estate executive director Shaun Hannah explained that Barings has had a long-standing strategic relationship with ARE, which includes acquisition, investment, and development management services.
“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,” Hannah 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.”
In April, ARE also confirmed that construction is underway for two major developments in the inner and northern suburbs of Melbourne, marking a significant expansion to its role as one of the largest build-to-rent developers in Australia.
At the time, it clarified that Barings would also have a key role at both sites as the development manager.
