Commercial Real Estate
Soul Patts agrees $1.89B industrial property deal with Goodman
Soul Patts has agreed to sell its interests in the Brickworks Industrial JV Trust to Goodman Group and GAIP for $1.89 billion. The transaction follows the Soul Patts-Brickworks merger and reflects property valuations used during that deal, expanding Goodman's industrial property holdings across key markets.
Washington H. Soul Pattinson will pocket A$1.89 billion after the sale of its stake in the Brickworks Industrial JV Trust to Goodman Group and Goodman Australia Industrial Partnership (GAIP) exercise rights following the Soul Patts-Brickworks merger.
The deal provides a definitive value for one of Australia's mature industrial property portfolios and a substantial cash component to Soul Patts as it reshapes its investment holdings following the merger.
Property portfolio developed over 20 years
The Brickworks Industrial JV was established in 2005 to monetize surplus land around Brickworks building products business. Over time, the JV developed into a major industrial property platform with a portfolio of warehouses, logistics facilities and employment precincts.
The sale price of A$1.89 billion "is consistent with the valuations reflected" during the Soul Patts-Brickworks merger, details said.
For Goodman, the acquisition further strengthens its industrial real estate platform across Australia's key logistics markets along with those in North America, Europe, Asia and South America.
Industrial property has been one of the hottest classes in commercial real estate in recent years with logistics, manufacturing, retail and data infrastructure providers providing steady demand for industrial space.
Goodman has a property portfolio worth A$87.4 billion as of December 31, 2025, with operations across 12 countries, including Australia, the U.S., the UK, China, Japan and Brazil. Its portfolio occupancy was 95.9% in the company's latest half-year result.
The sale comes as institutional investors continue to place their capital into logistics and industrial assets as suitable land becomes scarce.
Merger provides new capital flexibility
The deal follows the major Soul Patts and Brickworks merger expected to create a group worth A$14 billion.
Converting its industrial property interests to cash provides additional flexibility to Soul Patts as it integrates Brickworks into its group and manages a portfolio of resource, telco, private equity, credit and property interests.
No further financial terms apart from the stated cash consideration are revealed.
FAQs
Q1. What is the value of the Soul Patts-Goodman transaction?
The deal is valued at $1.89 billion, reflecting the property valuations used during the Soul Patts-Brickworks merger.
Q2. Which assets are being sold in the transaction?
Soul Patts is selling its interests in the Brickworks Industrial JV Trust, an industrial property portfolio originally established in 2005.
Q3. Who is acquiring the Brickworks Industrial JV Trust interests?
The assets are being acquired by Goodman Group and Goodman Australia Industrial Partnership (GAIP).
Q4. Why is the sale taking place?
The transaction was triggered by pre-emptive rights linked to the recent merger between Soul Patts and Brickworks.
Source: Capital Brief
Follow Inspirepreneur Magazine for daily global business news.