Aware Super has acquired a 49% stake in a newly created $1.3bn (€1.1bn) US logistics platform partnership with Goodman Group, marking the latest expansion of their global relationship that began in 2012.
The Australian industry superannuation fund is acquiring part of the platform, which has been seeded with a 2.78m sqft portfolio of three properties in Los Angeles, California.
ASX-listed Goodman Group will retain a 51% stake in the partnership and will provide asset and property management services to the platform.
The latest US logistics deal represents the latest expansion of Aware Super’s global partnership with Goodman Group, which began with co-investments in Australia and Brazil dating back over a decade ago.
Alek Misev, head of property at Aware Super, said: “Despite recent market uncertainty, we remain confident in the strong long-term fundamentals of the US industrial sector, with Los Angeles benefiting from limited supply and robust consumption patterns. The investment also reflects our counter-cyclical approach of identifying opportunities when others are cautious.
“We’re targeting undersupplied infill locations where it is difficult to build new supply, and creating compelling fundamentals for our members’ A$12bn (€6.7bn) property portfolio.”
Gregory Goodman, CEO of Goodman Group, said: “Our US business represents over 37% of Goodman Group’s offshore earnings1 and is an increasingly important part of our global investment strategy. Alongside our long-standing investment partner, Aware Super, we see significant growth opportunities in our key US infill markets to support the development of essential infrastructure in a rapidly transforming digital economy.
“The investment also establishes a scalable platform for Aware Super’s broader US property strategy, which focuses on industrial and build-to-rent sectors where supply-demand imbalances create attractive investment opportunities.”
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