Aware Super has entered into a new partnership with Goodman Group, establishing a US$1.3 billion (A$2 billion) logistics platform in the United States.
The super fund will acquire a 49% stake, while Goodman will retain a 51% interest and oversee asset and property management.
The platform’s seed portfolio comprises three logistics assets strategically located within Los Angeles’ key corridors and infill markets. Together, the properties span 2.775 million square feet across 187.3 acres in California, the world’s fourth-largest economy. The mix of modern and older assets offers value-add redevelopment potential and is anchored by tenants including Amazon, Maersk, and Relativity Space.
The venture builds on the strong fundamentals of the US industrial sector, which continues to benefit from the growth of e-commerce and onshoring trends. E-commerce is forecast to account for 21% of all US retail sales by 2027, fuelling demand for logistics space.
Alek Misev, Aware Super’s Head of Property, said the partnership underscores the fund’s counter-cyclical investment strategy and focus on structural trends shaping global logistics demand.
“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,” he said.
“We’re targeting undersupplied infill locations where it is difficult to build new supply, creating compelling fundamentals for our members’ A$12 billion property portfolio. The Goodman partnership is consistent with our strategy of working alongside experienced operators with deep market expertise.”
Goodman Group CEO Gregory Goodman highlighted the growing significance of the company’s US platform, which now accounts for over 37% of Goodman’s offshore earnings.
“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,” he said.
The deal expands Aware Super’s global real estate strategy, building on its existing platforms in Australia, Europe, and Brazil. In the US, the fund is targeting industrial and build-to-rent sectors where structural supply-demand imbalances present long-term investment opportunities.
Industrial assets represent 30% of Aware Super’s property portfolio, complementing its 45% allocation to the living sector, which provides stable income alongside more opportunistic investments in office and retail.
The new US platform marks the latest step in Aware Super’s decade-long partnership with Goodman, which began in 2012 through joint investments in Australia and Brazil.
