Brickworks launched a Manufacturing Trust with Goodman Group

Brickworks Limited (ASX: BKW) announced that it had launched a Brickworks Manufacturing Trust, which is a new Joint Venture manufacturing property trust with Goodman Group. Brickworks will retain a 50.1% stake in the joint venture, with the remaining 49.9% stake sold to Goodman. The new trust will initially house a portfolio of 15 manufacturing plants, tenanted by the Brickwork’s Australian Building Products businesses.

These 15 plants housed in the trust comprise a total of 496 hectares in land area and have a gross asset value of AU$416 million, and the total gross value represents a premium of $280 million to the current book value of those assets. 

For FY22, the company expects Property EBIT likely to be in excess of AU$620 million, compared to Property EBIT of AU$253 million in FY 2021.

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