WHSP Sells $1.9B Brickworks Property to Goodman Group

The transaction values the portfolio at a yield that WHSP management described as competitive with recent industrial sales in Sydney and Melbourne. Goodman's willingness to pay that level underscores the group's conviction that e-commerce and onshoring trends will keep demand for modern logistics space elevated, even as property markets cool elsewhere.

Both stocks were halted ahead of the announcement. WHSP last traded at $32.50, giving it a market capitalisation of roughly $10 billion. The $1.9 billion sale equals about 19% of that value – material enough to shift WHSP's sector weighting if the group channels proceeds into mining or energy, areas where it has been increasing exposure.

Goodman, with a market cap of about $55 billion, is funding the acquisition from existing debt facilities and equity. The properties are 95% leased, with a weighted average lease term of 8.4 years, providing a stable base for its Australian funds-management income.

The deal is expected to close before the end of the third quarter, subject to regulatory approvals. WHSP's board said it would consider a capital return or special dividend once the transaction settles, though no decision has been made.