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A consortium of property investors and super funds led by investment manager Barings has purchased Melbourne’s Moorabbin Airport in a $1.5 billion deal.
Moorabbin, one of Victoria’s major general aviation airports and the second busiest in the country by aircraft movements, was previously owned by Goodman Group, which will retain a stake as part of the new consortium that also includes Rest Super and Aware Super.
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Barings has more than 120 investments in Australia, including at Bankstown and Camden Airports in Sydney.
“The acquisition of this portfolio is the latest example of Barings’ ongoing positive outlook for the industrial sector in Australia and continues our investment strategy of targeting well-located precincts with significant underlying value and long-term development potential,” said Shaun Hannah, executive director, Barings Real Estate Australia.
“Importantly, Moorabbin Airport has a long-standing role as a critical aviation hub, supporting flight training, charter and maintenance operations, and we recognise the importance of preserving and supporting these aviation activities as part of the precinct’s future.
“Barings is confident that Moorabbin Airport will be another strong addition to the Australian portfolio, providing scale in a tightly held infill market, while maintaining the balance between its aviation function and broader precinct uses.”
Barings describes Moorabbin as “a unique mixed-use precinct with a broad range of income streams across aviation operations, industrial and logistics facilities, large-format retail, office accommodation, and ground lease interests.
“The asset is underpinned by a high-quality tenant base across logistics, retail, manufacturing, and business services,” the firm said.
“In addition to its non-aviation estate, Moorabbin Airport is one of the busiest general aviation airports in the country, supporting flight training, charter and maintenance operations.
According to Jason Little, Australian chief executive at Goodman Group, the latter’s previous stewardship over the airport has demonstrated “the strength of the asset and the company’s disciplined approach to capital recycling”.
“Goodman acquired Moorabbin Airport in 2011, and since then has invested significantly in the airport operations and surrounding land to create a thriving precinct,” Little said.
“The area comprises high-quality, well-located assets with strong underlying fundamentals, reflecting the value created through Goodman’s active management and development over time.”
The deal is expected to settle in the middle of this year, pending regulatory approvals and “customary conditions precedent”.
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