Rest, Aware now part owners of Moorabbin Airport

Rest, Aware Super and Barings are the new owners of Moorabbin Airport, which was acquired from Goodman Group for $1.5 billion.

Barings, which led the consortium's takeover, now oversees the Moorabbin Airport property, including facilitating future development activities.

Rest took a one-third stake in the 294-hectare property,

"The opportunity to acquire a suburban airport in a major Australian city is relatively rare. They are typically tightly held by investors for long periods, so we are pleased to acquire this stake in Moorabbin Airport on behalf of our members," Rest head of investments, real assets Andrew Bambrook said.

Located in the south-east of the Melbourne CBD, Moorabbin Airport provides services to facilitate general aviation activities such as flight training, private air charter, freight, recreational flying and air work and emergency services.

It has only one regular passenger transport service, with King Island Airlines flying between King Island and the mainland daily. The airport site consists of industrial land as well as aviation land, and contains over 250 mixed-use, large and small businesses, including Kingston Central Plaza, Direct Factory Outlet (DFO) and the Chifley Business Park.

Goodman acquired Moorabbin Airport in 2011.

Aware Super senior portfolio manager for property Anjana Moran said the super fund, on behalf of its 1.3 million members, looks "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."

Shaun Hannah, executive director for Barings Real Estate Australia, said the off-market acquisition consists of a 294-hectare strategic landholding with diversified uses, strong income, development potential, and exposure to a tightly supplied, high-demand Melbourne market.

"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," he said.

The Australian Competition and Consumer Commission (ACCC) approved the takeover, saying it "is unlikely to have the effect of substantially lessening competition in any market."

Barings oversees US$481 billion in global alternative assets and is owned by insurance companies MassMutual and MS&AD.