Sydney, May 2, 2026, 08:06 (AEST)
• Goodman Group advanced roughly 1.3% Friday, building on Thursday’s 2.2% jump as Australian real estate names were in demand.
• Geoff Wilson at Wilson Asset Management flagged Goodman as a leading pick for AI infrastructure, pointing to its power, land, and funding advantages.
• Data centres accounted for 73% of Goodman’s A$14.4 billion development pipeline in its most recent results—a figure covering both ongoing and committed projects.
Goodman Group stock advanced in Sydney on Friday, pushing its rebound into a third session as buyers circled property plays linked to artificial intelligence infrastructure and data centers. The S&P/ASX 200 finished up 0.74%, with real estate shares picking up 1.01%.
This shift is significant: Goodman is moving beyond just being seen as a warehouse landlord. Investors are watching to see if the company can rapidly convert limited city land, reliable power, and its own capital into data centres that can keep up with demand from AI and cloud firms.
Geoff Wilson, chairman and chief investment officer at Wilson Asset Management, echoed that idea, singling out Goodman as one of his top AI “picks and shovels” plays. “Goodman has all three,” Wilson said—pointing to power, land, and funding. He believes investors are still only paying “cents on the dollar” for the company’s data centre operations. Wilson Asset Management
Goodman’s filings spell out the reason for the attention on the stock. For the first half of fiscal 2026, the company posted operating profit of A$1.20 billion, operating earnings per security at 58.5 cents, and statutory profit reaching A$824.7 million. The group is sticking to its forecast, keeping the 9% full-year growth target for operating earnings per security.
Goodman reported its global “power bank”—the electricity capacity either locked in or currently being sourced for its development sites—now totals 6.0 gigawatts spanning 16 major cities. Data centres made up 73% of the A$14.4 billion in ongoing development, and the company anticipates its work in progress could climb to nearly A$18 billion by June 30. ASX Announcements
“Power, sites and capital are critical” to serving customers, Chief Executive Greg Goodman said. He added that talks with data-centre clients are progressing at multiple locations, and “commitments expected in 2026.”
The balance sheet still figures into the narrative. Earlier this week, Goodman reported that holders had tendered US$396.25 million out of its US$525 million in 3.700% guaranteed senior notes maturing 2028. Those who participated will receive US$993.64 for every US$1,000 of principal, plus any accrued interest, with settlement scheduled for around April 30.
Competitive moves painted a mixed picture. Centuria Capital picked up 4.7% and Ingenia Communities tacked on 1.5% as property stocks climbed Friday. NextDC, the ASX-listed data-centre operator, notched a 1.7% gain the previous day, driven by momentum in AI infrastructure.
Goodman’s strategy for the U.S. remains under the microscope. Back in April, the company teamed up with DataBank in a 50-50 split for a planned 32-megawatt data center in Vernon, just outside Los Angeles. The first 6 MW is on track for December 2026, with the rest rolling out in phases through September 2027. “AI-ready data center capacity” is how DataBank CEO Raul Martynek described the project, targeting the Los Angeles area. DataBank | Data Center Evolved
Still, it’s not without risk. Customer contracts are yet to be finalized, connecting to the grid takes time, and big data centre builds come with construction, financing and lease-up uncertainties. Goodman has warned its projections assume no significant downturns in market conditions or unexpected surprises.
At the moment, scarcity is in the driver’s seat—think powered urban plots, lengthy project queues, and backing from big-money players. The next hurdle is less glamorous: actually landing clients, breaking ground, and holding the line on debt as construction speeds up.
