Sydney, June 19, 2026, 04:10 AEST
- Goodman finished at A$32.31, off 1.2%. Shares earlier traded as high as A$33.17.
- GAIP and Goodman are set to pay roughly A$2.65 billion for Brickworks’ industrial property stake.
- Owning more logistics assets can be strategic, but rates and data-centre funding are still the bigger tests.
Goodman Group ended down 1.2% on Thursday, dropping despite announcing a deal to grow its Australian industrial platform. Shares closed at A$32.31 after climbing to A$33.17 earlier in the session.
Goodman is set to tighten its hold on major logistics sites by buying Brickworks’ stake in their industrial venture for around A$2.65 billion, as the group pushes ahead with a much larger data-centre development. Goodman Australia Industrial Partnership, or GAIP, and Goodman will cover the payment for the Brickworks industrial partnership interests.
GAIP is putting in about A$2.3 billion, with Goodman adding around A$350 million. GAIP will buy Brickworks’ 50% stake in BGAI and take full control, also bringing its interest in Oakdale West Trust to 90%. Goodman will pick up the other 50% of Oakdale East. “The assets will support long-term customer demand and are already well integrated into our portfolio,” Goodman’s Australia chief executive Jason Little said. The Australian
Washington H. Soul Pattinson is set to see A$1.89 billion in net proceeds once debt and transaction fees are paid. The company said it expects to close in late June, with all conditions now met. The Brickworks Manufacturing Trust will not be impacted by the deal. CEO Todd Barlow said “greater liquidity and flexibility are an advantage in the current environment.”
Goodman is buying mature logistics assets as its development spending shifts more to digital infrastructure. The company has 6.4 GW of data-centre capacity and another 0.4 GW under construction, with its total property portfolio at A$87.1 billion. Older warehouses can generate rent and management fees while Goodman builds newer, more capital-intensive projects.
Markets didn’t give the deal much of a boost on Thursday. The S&P/ASX 200 closed down 0.62% at 8,911.1 as real estate fell 1.15%. Stockland slipped 1.6%. Dexus was down 1.4%. Investors have a safer option in higher bond yields, which probably weighed on the whole real-estate sector instead of just Goodman’s new assets.
But the risk isn’t minor. As of March 31, development work in progress sat at A$14.5 billion. Data centres made up 73% of that, but just 37% was pre-committed, so most of the build doesn’t have a signed customer yet. Power supply, planning issues, timing from customers and rising construction costs can all affect returns. Chief Executive Greg Goodman said the company is “currently on track to deliver at least” 9% growth in operating earnings per security in fiscal 2026, a target based on no big negative surprises. Goodman
Friday is set to show if investors ignore the rate headwind and pay attention to Goodman’s tighter grip on key industrial land. The plain deal setup brings less risk to the table near term. What’s less clear is how Goodman manages its cash: how fast it can lock in tenants and move capital before the logistics business goes up against data centres for balance sheet space.
