Key Takeaways
- • Aware Super acquires 49% minority stake in US$1.3 billion (A$2 billion) logistics joint venture with Goodman Group, which retains 51% ownership and operational control of the platform.
- • Portfolio anchored by three Los Angeles infill logistics properties with mixed vintages and redevelopment potential, leased to major tenants including Amazon, Maersk, and Relativity Space in California's supply-constrained market.
- • Strategic expansion of Aware Super's global logistics allocation, aligned with its counter-cyclical investment approach targeting undersupplied infill locations with limited new supply capacity and strong long-term demographic tailwinds.
- • Goodman Group's U.S. business generates over 37% of its offshore earnings, underscoring the strategic importance of the American industrial real estate market to the global infrastructure provider and its long-term growth strategy.
- • Partnership builds on 13-year relationship between Aware Super and Goodman Group, with prior co-investments in Australia and Brazil dating to 2012, demonstrating proven execution and trust across multiple geographies.
Summary
Aware Super has acquired a 49% stake in a newly established joint venture with Goodman Group to deploy US$1.3 billion (A$2 billion) into a U.S. logistics platform anchored by three properties in Los Angeles. Goodman Group will retain majority control with a 51% stake and manage the platform, leveraging its three-decade track record in global industrial real estate development and operations.
The portfolio comprises a mix of newer and older logistics facilities in California's key infill markets with redevelopment potential. Current tenants include Amazon, Maersk, and Relativity Space. The geographic focus on Los Angeles reflects the market's structural supply constraints and robust consumption patterns. California ranks as the world's fourth-largest economy, providing significant demand density for industrial logistics assets.
Alek Misev, Aware Super's head of property, framed the investment as aligned with the fund's counter-cyclical strategy, stating: "Despite recent market uncertainty, we remain confident in the strong long-term fundamentals of the U.S. industrial sector, with Los Angeles benefiting from limited supply and robust consumption patterns." The deal specifically targets undersupplied infill locations where new supply is difficult to develop, creating structural support for asset performance and tenant dynamics. This investment augments Aware Super's A$12 billion property portfolio and reflects its broader conviction in long-term demographic and technological trends driving logistics demand.
For Goodman Group, the transaction underscores the strategic centrality of its U.S. operations, which represent over 37% of the company's offshore earnings. Chief Executive Gregory Goodman emphasized that the U.S. business has become "an increasingly important part of our global investment strategy." The partnership extends a relationship dating to 2012, when the two firms co-invested across Australia and Brazil, demonstrating sustained strategic alignment and proven execution capabilities across multiple markets. The deal positions Aware Super with a scalable entry point for expanding its U.S. logistics exposure through an experienced operator.
The portfolio comprises a mix of newer and older logistics facilities in California's key infill markets with redevelopment potential. Current tenants include Amazon, Maersk, and Relativity Space. The geographic focus on Los Angeles reflects the market's structural supply constraints and robust consumption patterns. California ranks as the world's fourth-largest economy, providing significant demand density for industrial logistics assets.
Alek Misev, Aware Super's head of property, framed the investment as aligned with the fund's counter-cyclical strategy, stating: "Despite recent market uncertainty, we remain confident in the strong long-term fundamentals of the U.S. industrial sector, with Los Angeles benefiting from limited supply and robust consumption patterns." The deal specifically targets undersupplied infill locations where new supply is difficult to develop, creating structural support for asset performance and tenant dynamics. This investment augments Aware Super's A$12 billion property portfolio and reflects its broader conviction in long-term demographic and technological trends driving logistics demand.
For Goodman Group, the transaction underscores the strategic centrality of its U.S. operations, which represent over 37% of the company's offshore earnings. Chief Executive Gregory Goodman emphasized that the U.S. business has become "an increasingly important part of our global investment strategy." The partnership extends a relationship dating to 2012, when the two firms co-invested across Australia and Brazil, demonstrating sustained strategic alignment and proven execution capabilities across multiple markets. The deal positions Aware Super with a scalable entry point for expanding its U.S. logistics exposure through an experienced operator.
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