Goodman Joins With Aware Super to Launch $1.3B US Logistics Platform

Australian developer Goodman Group and the country’s Aware Super pension fund have set up a $1.3 billion US logistics platform seeded with three assets in the Los Angeles area.

The assets comprise 2,775,000 square feet (257,806 square metres) of built area on 187 acres (76 hectares) of land in southern California, representing a combination of new and older-style properties with value-add redevelopment potential, Goodman said Tuesday in a release.

The partnership, in which Sydney-based Goodman will hold a 51 percent stake to Aware Super’s 49 percent, seeks to draw on the strength of a US industrial sector supported by the rise of onshoring and the growth of e-commerce, which is forecast to make up 21 percent of American retail sales by 2027, according to Goodman.

“Our US business represents over 37 percent of Goodman Group’s offshore earnings and is an increasingly important part of our global investment strategy,” said CEO Greg Goodman. “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.”

Airport Access

The platform’s seed assets include Goodman Commerce Center Long Beach Building One, a 504,810 square foot industrial facility situated on 24 acres.

Located next to Long Beach Airport and 8 miles (13 kilometres) from the seaports of Long Beach and Los Angeles, the property finished construction about four months ago and features 11.8 acres of excess land for potential expansion.

The partnership 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 opportunities.

Aware Super head of property Alek Misev said the fund remains confident in the long-term fundamentals of the US industrial sector despite recent market uncertainty, with Los Angeles set to benefit from limited supply and robust consumption patterns.

“The investment also reflects our counter-cyclical approach of identifying opportunities when others are cautious,” Misev said. “We’re targeting undersupplied infill locations where it is difficult to build new supply, and creating compelling fundamentals for our members’ A$12 billion ($7.9 billion) property portfolio.”

Back in Black

The tie-up with Aware Super comes after Goodman in August agreed to acquire a logistics site next to the under-construction Western Sydney Airport for A$575 million ($370 million). The future airfield is being built to handle 10 million passengers and 220,000 tonnes of cargo annually, with operations expected to begin in 2026.

In July, Goodman announced the creation of a $2.7 billion private vehicle focused on the Hong Kong data centre market, with co-investors including Dutch pension managers PGGM and APG, the Canada Pension Plan Investment Board and CBRE Investment Management.

The vehicle’s 325-megawatt seed portfolio comprises six assets including four stabilised data centres at Goodman’s 225MW Tsuen Wan West campus in the New Territories and two under-development projects.

ASX-listed Goodman posted a fiscal 2025 profit of A$1.7 billion, reversing a year-earlier loss of A$98.9 million, as valuations rose A$1.6 billion across the group and its partnerships.