Goodman Group (GMG) – Data centre roll-out details

March 24, 2025

Goodman Group is a global industrial property and digital infrastructure specialist group with operations in key consumer markets across Australia, New Zealand, Asia, Europe, the United Kingdom, and the Americas. Goodman Group is the largest property group on the Australian Securities Exchange (ASX: GMG), a top 20 entity by market capitalisation, and one of the largest listed specialist investment managers of industrial property globally.

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Goodman Group(GMG) holds a 70% economic interest in eight data centre (DC) sites, expected to be operational by June 2026. The sites are in key markets such as Los Angeles, Tokyo, Sydney, Melbourne, Amsterdam, Paris, Frankfurt, and Hong Kong. The total projected value of these projects is $11 billion.

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The latest development update revealed mixed signals: while two DC sites are close to vertical construction, there is a re-synchronisation to lower completion volumes in the short-term. Despite a reduced price target of $33.50 (from $37.00), GMG’s strong growth outlook and lack of net debt support an Accumulate rating.

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