BlackRock, the world’s biggest asset owner, plans to create a $1.5 billion life sciences real estate fund in Australia, a fresh sector with returns set to rival the boom markets of logistics and childcare.

“Life sciences and self storage are sectors that global sophisticated investors want to be in, but they just don’t know how to access them at scale in the Asia Pacific region,” said Hamish MacDonald, managing director and head of investments at BlackRock Asia Pacific.