Soul Patts takeover triggers $2.65b industrial deal
Goodman Group and its largest property fund are spending about $2.65 billion to acquire interests in industrial property partnerships held by Brickworks.
The deal follows Washington H. Soul Pattinson & Company’s acquisition of the building products giant in September 2025.
Goodman Australia Industrial Partnership, or GAIP, will pay $2.3b.
Goodman will contribute the balance (c$350m).
Settlement is scheduled this month.
BGAI, Oakdale West Trust
The deal includes Brickworks’ 50 per cent interest in the Brickworks Goodman Australia Industrial (BGAI) partnership.
It also includes a half stake in the Oakdale West Trust.
Following settlement, GAIP’s ownership of BGAI increases to 100pc and its holding in Oakdale West to 90pc.
Goodman will hold the balance (10pc) of Oakdale West.
Oakdale East Trust
Separately, Goodman Group is acquiring Brickworks’ remaining 50pc interest in the Oakdale East Trust, which contains development land and projects under construction.
The interests (BGAI, Oakdale West, Oakdale East) form part of an industrial and logistics portfolio established through a Goodman-Brickworks partnership launched in 2005 (continues below).
The assets, predominantly in Sydney, contain approximately 1.3 million square metres of gross lettable area and carry a value exceeding $5b.
Key holdings include the Oakdale Industrial Estate and Erskine Park’s Interlink Distribution Centre (pictured, top) precincts in Western Sydney.
The portfolio also contains the Rochedale Motorway Estate in Brisbane.
Fund grows
GAIP – in which Goodman holds a 30.4pc stake – owns approximately 115 properties.
Following the acquisition, its gross asset value is expected to increase to about $20b.
Chief executive Jason Little said Goodman had managed the assets with Brickworks for many years.
“We know these assets well and have managed them alongside Brickworks for many years,” he added.
“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,” according to the executive.
The Brickworks Manufacturing Trust is not affected by the transaction and will continue operating under the existing Goodman-Brickworks partnership structure.
Subscribe to our newsletter at the bottom of this page.
