<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-09-25</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001368893</issuerCik>
        <issuerName>BlackRock Real Asset Equity Trust</issuerName>
        <issuerTradingSymbol>BCF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001223407</rptOwnerCik>
            <rptOwnerName>MERRILL LYNCH INVESTMENT MANAGERS INTERNATIONAL LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>33 KING WILIAM ST</rptOwnerStreet1>
            <rptOwnerStreet2>LONDON ENGLAND EC4R 9AS</rptOwnerStreet2>
            <rptOwnerCity>LONDON ENGLAND</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Investment Sub-Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>James Stratford, Power of Attorney</signatureName>
        <signatureDate>2006-10-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
