Soul Pattinson offloads $1.3 billion assets to Goodman units to unlock cash (updated)

Washington H. Soul Pattinson and

18/06/2026 24:27

Soul Pattinson to sell industrial property to Goodman
Citi says deal is supportive of Goodman's development pipeline
SOL shares notch record high
Adds Citi comments in paragraphs 6-7, details and updates share moves

    June 18 (Reuters) - Australia's Washington H. Soul Pattinson SOL.AX said on Thursday it is selling A$1.89 billion ($1.33 billion) worth of industrial property assets to Goodman Group entities, as the investment firm looks to unlock cash. 
The sale follows its $9.15 billion merger with Brickworks last year, which resulted in a change of control at Brickworks and granted certain rights to Goodman entities and its flagship property fund, Goodman Australia Industrial Partnership (GAIP), Soul Pattinson said.
Goodman and Soul Pattinson then entered into confidential commercial discussions, and have now agreed to the sale of Brickworks' investment in the Industrial Joint Venture Trust assets.
Shares of Soul Pattinson rose as much as 2.9% to a record high of A$45.360 on Thursday. 
Brickworks has had joint venture arrangements with Goodman since 2005, with the industrial trust comprising several joint ventures between the two parties.
"Goodman is effectively securing a premium landbank that directly accelerates its already formidable development pipeline," Citi analysts said. 
"The JV sites are strategically located across Australia's key logistics corridor and carry significantly higher power infrastructure," Citi added.
Both parties expect to complete the sale later this month.
Data centre landlord Goodman said in a statement that GAIP is funding the acquisition from recent capital recycling and existing liquidity.
Last year, Goodman struck a A$14 billion partnership with Canada Pension Plan Investment Board (CPPIB) to build data centres across Europe, deepening its foothold in the region's fast-growing AI infrastructure market.
Shares of the Sydney-headquartered firm rose as much as 1.4%, set for their best day since November 2025, if the current momentum persists. 
     
     
     
($1 = 1.4209 Australian dollars)

 (Reporting by Nichiket Sunil and Keshav Singh Chundawat in Bengaluru; Editing by Joyjeet Das, Subhranshu Sahu and Sherry Jacob-Phillips)
 ((Nichiket.Sunil@thomsonreuters.com; Keshav.SinghChundawat@thomsonreuters.com))