REAL ESTATE NEWS

Goodman Group and Aware Super are expanding their partnerships to form a logistics platform that will invest $1.3 billion in a U.S. logistics platform.

Already, the platform holds three seed assets positioned in corridors and infill markets in Los Angeles, taking up 2.775 million square feet on 187.3 acres, with major firms including Amazon, Relativity Space and Maersk serving as customers at the buildings.

Under the new partnership, Goodman Aware Super will take 49 percent of the equity, with Goodman, which will provide asset management to the platform, holding the remaining controlling stake. The move from Aware Super will build on its property strategy nationwide, which focuses on supply-constrained markets in the build-to-rent and industrial sectors. Currently, 30 percent of Aware's portfolio is allocated to industrial assets — all of which are located in Australia.

"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," Alek Misev, head of property for Aware Super, said in a statement.

The platform will focus on the U.S. — but it's unclear if it will enter any other markets other than LA.

The two companies admitted they were attracted to the U.S. industrial sector as a whole, citing data that e-commerce and onshoring are projected to account for 21 percent of all retail sales in the country by 2027.

"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," Goodman Group CEO, Gregory Goodman, said.

Also, this isn't the first time that the two have partnered. Goodman and Aware Super's first co-investment took place in both Australia and Brazil in 201

Source: GlobeSt/ALM