Allens has advised Aware Real Estate, in partnership with Barings, on its $600 million acquisition of a north Melbourne industrial estate from GPT Group and Austrak AFM.
The 99-hectare Austrak Business Park estate is Aware Real Estate's largest acquisition to date, and takes Aware's investment in the industrial area to approximately $1.7 billion.
Located in Somerton, Austrak Business Park comprises both stabilised assets and vacant land, including a logistics park with strong tenants and an intermodal terminal under construction by the Intermodal Terminal Company, a subsidiary of Aware Super. Once the intermodal terminal is complete, it will be the first in Melbourne where tenants could co-locate their operations on a logistics estate.
'This acquisition is the latest in a run of private capital acquisitions that take advantage of strong demand for industrial real estate in Melbourne and Sydney, and diversifies Aware Real Estate's holdings' said lead Partner Michael Graves.
'We are delighted to have worked with Aware and Barings on this landmark acquisition, and look forward to our continued work together as private capital brings ongoing energy to the property sector.'
Allens is a leading adviser on complex, private capital-backed real estate acquisitions, having also recently advised Barings and Rest on the acquisition of Sydney's Access Logistics Park.
Allens legal team
Real Estate & Development
Michael Graves (lead Partner), Kelly Rankin (Senior Associate), Junior Soonthornsaratul (Associate), Caitlin Tomaro (Lawyer)
Banking & Finance
Warwick Newell (Partner), Joey Pak (Senior Associate), Taylor van Oorschot (Associate), Sue Lee (Lawyer)