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A consortium led by global alternative investment manager Barings has agreed to acquire Moorabbin Airport Corporation from Goodman Group (ASX: GMG) for $1.5 billion, marking one of the largest Australian aviation infrastructure transactions in recent years.
The buyer group includes major superannuation funds Aware Super and Rest Super, with Goodman retaining a minority stake in the 294-hectare precinct.
Barings Real Estate Australia will assume asset management responsibilities for the site upon settlement, which is expected around mid-2026.
The deal represents a significant return for Goodman, which acquired Moorabbin Airport Corporation in 2011 for $201.5 million.
The ASX-listed property giant has since developed the precinct into a diversified mixed-use hub spanning industrial and logistics facilities, the Kingston Central Plaza shopping centre, Chifley Business Park and a factory outlet centre, alongside the airport's five-runway general aviation operations.
Moorabbin Airport is described as the second busiest airport in Australia by aircraft movements, operating under a 71-year Commonwealth Government leasehold.
“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,” says Shaun Hannah, executive director of 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 is a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual) and manages more than US$430 billion in assets globally.
Goodman CEO Australia Jason Little says the sale reflects the value the group has created across the precinct over the past 14 years.
“Goodman acquired Moorabbin Airport in 2011, and since then has invested significantly in the airport operations and surrounding land to create a thriving precinct," he says.
"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.”
Goodman's retention of a minority stake signals continued confidence in the precinct's trajectory.
For the two superannuation funds, the acquisition adds a large-scale, diversified real asset to portfolios managed on behalf of millions of Australian members.
“Aware Super is proud to invest in Moorabbin Airport on behalf of its 1.3 million members, and we look forward to working with Barings as an experienced and trusted investment manager and other consortium partners to unlock further value through new growth initiatives and development activities,” says Anjana Moran, senior portfolio manager for property at Aware Super.
Andrew Bambrook, head of investments, real assets at Rest, says the fund was attracted by the precinct's diversified income profile.
"The asset offers diversified income and long-term development potential in a supply-constrained Melbourne precinct, supporting Rest's focus on resilient, long-term returns for our more than two million members," he says.
"We look forward to working with our partners to enhance performance and unlock value over time.”
The Australian Competition and Consumer Commission gave the green light to the transaction last month after initially raising potential competition concerns about the acquisition.
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