Aware Super joins consortium for $1.5 billion acquisition of Melbourne's Moorabbin Airport
1 June 2026
European outlet mall
The off-market transaction was led by Barings Real Estate Australia, which will manage the asset on behalf of consortium partners including Aware Super, Rest Super, and current airport owner Goodman Group, which is reinvesting a minority position in the precinct it has managed since 2011.
Moorabbin Airport is the second busiest general aviation airport in Australia, supporting flight training, charter, and maintenance operations under a long-term leasehold from the Commonwealth Government.
The airport is a 294-hectare mixed-use precinct in Melbourne's south-east, comprising industrial and logistics facilities, large-format retail, a direct factory outlet (DFO), office accommodation, ground lease interests, and a thriving general aviation hub.
Aware Super Senior Portfolio Manager, Property Anjana Moran said: "Aware Super is proud to invest in Moorabbin Airport on behalf of its 1.3 million members. The asset offers exactly what we look for in a major property investment – a diversified, high-quality income base, a tightly supplied infill market, and a well-defined pipeline of development opportunities that will create long-term value."
"We look forward to working with Barings as an experienced and trusted investment manager, and with our consortium partners, to unlock further value through new growth initiatives and development activities."
Barings Real Estate Australia Shaun Hannah, Executive Director said: "The acquisition of this portfolio is the latest example of Barings' ongoing positive outlook for the industrial sector in Australia. Moorabbin Airport has a long-standing role as a critical aviation hub, and we recognise the importance of preserving and supporting these aviation activities as part of the precinct's future. We are confident it will be another strong addition to our Australian portfolio."
Goodman CEO Australia Jason Little said: "Goodman acquired Moorabbin Airport in 2011 and since then has invested significantly in both the airport operations and surrounding land to create a thriving precinct. 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 investment reflects Aware Super's property strategy, which is focused on defensive income assets with embedded growth potential in supply-constrained markets.
Moorabbin Airport's precinct generates the majority of its income from industrial or industrial-like uses, underpinned by a high-quality tenant base across logistics, retail, manufacturing, and business services.
The asset also offers significant upside through rental reversion and a well-defined industrial development pipeline of approximately 104,500 square metres.
The fund's conviction in the asset is further supported by the strength of its long-standing relationship with both Goodman Group – with the Fund investing in the Goodman Australia Industrial Partnership since 2006 — and Barings, Aware Super’s property development partner.
The transaction is expected to settle in mid-2026, subject to customary conditions and regulatory approvals.