Aware Super and Goodman Group partner in $2b logistics platform deal
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The news: Aware Super and Goodman Group had partnered to invest USD1.3 billion ($2 billion) in a logistics platform that owns and operates three properties in Los Angeles.
The numbers: Aware Super will have 49% in the stake while Goodman Group will have 51% in the partnership. Goodman will provide asset and property management services to the platform.
The context: The three properties are underpinned by customers including Amazon, logistics company Maersk, and aerospace manufacturing company Relativity Space.
Aware Super said e-commerce was predicted to represent 21% of all American retail sales by 2027.
What they said: Aware Super head of property Alek Misev said: “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’ $12 billion property portfolio.”
Goodman Group chief executive Gregory Goodman said: “Our US business represents over 37% of Goodman Group’s offshore earnings 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 source: Aware Super media release
