Aware Super has acquired a 49 per cent stake in a $2-billion US industrial platform in partnership with Goodman Group.
The platform has almost 3 million square metres of building area across three seed assets in Los Angeles’ key logistics corridors and infill markets.
The industrial and logistics assets offer value-add redevelopment potential and already feature high-quality tenants, including Amazon, Maersk, and Relativity Space.
The US industrial sector is expected to grow significantly with the rise of onshoring and the growth of e-commerce penetration, which is expected to reach 21 per cent of all retail sales in 2027.
Aware head of property Alek Misev said the investment reflected the superannuation company’s thematic approach to property investment.
Misev said Aware targeted long-term structural trends in technology and demographics that were reshaping global logistics and industrial 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,” 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 will retain a 51 per cent stake in the US industrial platform.
Goodman Group chief executive Greg Goodman said the US business represented 37 per cent of the company’s offshore earnings and it was an “increasingly important” part of the 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,” Goodman said.
The investment also creates 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 attractive investment opportunities.
“Through deliberate sequencing, we’re establishing our reputation and presence as a global asset owner, with an established European platform now operational in London, and capacity to scale our US presence and explore new markets, including developed Asia,” Misev said.
Industrial now represents about 30 per cent of Aware’s property portfolio, while the living sectors comprise about 45 per cent.
