Goodman Australia Industrial Partnership, ASX-listed Goodman Group’s largest property fund, has entered into a binding agreement with Washington H. Soul Pattinson and Co. to acquire Brickworks’ interests in selected industrial partnerships in a transaction valued at approximately A$2.65 billion ($1.85 billion).
The deal follows Soul Patts’ acquisition of Brickworks. GAIP will pay approximately A$2.3 billion ($1.61 billion), while Goodman Group will pay approximately A$350 million ($245 million).
Under the transaction, Goodman Australia Industrial Partnership, known as GAIP, will acquire Brickworks’ 50 percent interest in its BGAI partnership, increasing GAIP’s ownership to 100 percent. GAIP also will acquire Brickworks’ 50 percent interest in the Oakdale West Trust, increasing its ownership to 90 percent, with the remaining 10 percent held by Goodman Group.
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