Goodman Australia Industrial Partnership (GAIP), ASX-listed Goodman Group’s largest property fund, announced that it has entered into a binding agreement with Washington H. Soul Pattinson and Company Limited to acquire Brickworks’ interests in selected industrial partnerships. The agreement follows Soul Patts’ acquisition of Brickworks.
Under the transaction, GAIP will acquire Brickworks’ 50% interest in its BGAI partnership, increasing GAIP’s ownership to 100%. GAIP will also acquire Brickworks’ 50% interest in the Oakdale West Trust, increasing its ownership to 90%, with Goodman Group holding the remaining 10%.
Goodman Group is separately acquiring Brickworks’ remaining 50% interest in the Oakdale East Trust, which includes buildings under construction and development land.
The combined transaction value is approximately $2.65 billion, with GAIP paying approximately $2.3 billion and Goodman paying approximately $350 million.
The transaction builds on Goodman’s long-standing industrial partnership with Brickworks, which was established in 2005 and has created a portfolio valued at more than $5 billion.
The portfolio is primarily based in Sydney and represents a consolidated logistics infrastructure position totaling about 1.3 million square meters of gross lettable area.
Key assets include Oakdale Industrial Estates and Interlink Distribution Centres in Western Sydney, along with Rochdale Industrial Estate in Brisbane. These are long-established logistics precincts developed and managed by Goodman.
GAIP is one of Australia’s largest logistics partnerships, with approximately 115 properties. The recent activity is expected to take the partnership’s gross asset value to approximately $20 billion.
GAIP is funding the acquisition through recent capital recycling and existing liquidity. Completion is expected in late June 2026.
The Brickworks Manufacturing Trust is unaffected by the transaction, and Goodman and Brickworks will continue their existing partnership.
KEY QUOTES:
“We know these assets well and have managed them alongside Brickworks for many years. As part of our asset recycling strategy, the transaction demonstrates our ability to redeploy capital into opportunities that support long-term customer demand, while increasing our interest in high-quality assets that are already well integrated into our portfolio.”
Jason Little, CEO Australia at Goodman
