Aware Super will acquire a 49% stake in a new US partnership with global essential infrastructure provider, Goodman Group (ASX:GMG) to invest in a US$1.3 billion (A$2 billion) platform that currently owns and operates three strategically located properties in Los Angeles' key logistics corridors and infill markets.

The three seed assets in the platform comprise of 2.775 million square feet of building area on 187.3 acres of land, located in the state of California which is the fourth largest economy in the world. They are a combination of new and older style properties with value-add redevelopment potential.

The properties are already underpinned by high-quality customers including Amazon, Maersk, and Relativity Space.

The industrial sector in the US has been one of the top-performing and dynamic logistics sectors, supported by the rise of onshoring and growth of e-commerce, predicted to represent 21% of all American retail sales by 2027.

Goodman retains a 51% stake in the partnership and will provide comprehensive asset and property management services to the platform, leveraging its more than 30 years of global industrial market expertise.

The investment reflects Aware Super's thematic approach to property investing, targeting long-term structural trends in technology and demographics that are reshaping global logistics and industrial demand.

Aerial view of a large industrial complex featuring multiple white-roofed buildings, parking lots, and adjacent smaller structures. A runway is visible in the bottom right corner, suggesting roximity to an airport. The surrounding area includes dense urban development extending toward a body of water on the horizon, illustrating the integration of industrial and city infrastructure.

Head of Property Alek Misev said: "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.

“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’ A$12 billion property portfolio."

He said the Goodman Group partnership demonstrated the Fund’s strategy of working with experienced operators who deeply understand their markets.

“The capability Goodman has developed is market leading, and its insights into global supply chains and industrial markets is unmatched,” Mr Misev said.

Goodman Group Chief Executive Officer Gregory Goodman said: “Our US business represents over 37% of Goodman Group’s offshore earnings¹ 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 investment also 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 attractive investment opportunities.

Mr Misev added: "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."

The investment also reinforces the industrial sector as a core component of Aware Super's strategy, representing 30% of the portfolio currently all in Australia alongside the fund's 45% living sector focus which serves as the stable bedrock for more opportunistic plays in office and retail.

This deal also marks the latest platform investment Aware Super has made with Goodman Group globally, having first co-invested in Partnerships in Australia and Brazil since 2012.

¹ As at 30 June 2025.

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