Aware Super, Sydney, fully acquired Austrak Business Park, a 99-hectare industrial estate in Victoria state for A$600 million ($394.3 million) in partnership with Barings, the super fund said in a statement on Aug. 19.
The investment is 100% funded by Aware Real Estate and will be jointly managed by Aware Real Estate and Barings, a spokesperson said.
Barings has a long-standing strategic relationship with Aware Real Estate which includes acquisition, investment and development management services, Barings Real Estate Executive Director Shaun Hannah said in the statement.
Aware Real Estate manages A$2.4 billion in assets and is part of Aware Super, which has A$170 billion in assets. Barings had $409 billion in assets as of June 30.
The estate includes tenants such as grocery store chain Coles and hardware store chain Bunnings, and is home to Australia’s largest intermodal freight terminal that is due for completion in 2025.
The property was acquired from the 50/50 joint venture owners GPT Group and Austrak AFM.
“We see the … opportunity as instrumental in redefining the impact this industrial precinct can make on the national supply chain,” the spokesperson said.
