Sydney, June 20, 2026, 03:04 AEST
- Goodman ended Friday at A$31.50, dropping 2.5% on the day. That’s just under the A$31.52 level from last week.
- GAIP and Goodman are set to buy Brickworks’ selected industrial assets for about A$2.65 billion. Soul Patts said it expects net proceeds of A$1.89 billion after paying down debt and covering costs.
- Goodman wants to reach 0.5 gigawatts of data-centre work in progress, with total data-centre WIP set to top A$14 billion by end of June.
Goodman Group shares slipped 2.5% Friday, ending at A$31.50. For the week, the industrial property firm was little changed. GMG traded in a range from A$31.41 to A$32.69 before the Australian market closed for the weekend, with 9.74 million shares moving.
Traders are still looking at how capital is being allocated, with the deal not getting a lift just because of size. Most of the assets go into Goodman Australia Industrial Partnership. Goodman holds a smaller direct stake, sticking to its usual model of developing and running properties with outside investors.
Goodman Australia Industrial Partnership is set to buy out Brickworks’ 50% share in the BGAI partnership, moving to full ownership, and will raise its stake in the Oakdale West Trust to 90%. Goodman also agreed to purchase Brickworks’ last half of Oakdale East. “The assets are already well integrated into our portfolio,” said Jason Little, Goodman’s Australia CEO. Goodman
Soul Patts put its A$1.89 billion total as proceeds left after Brickworks’ share of debt and deal costs are covered. “Greater liquidity and flexibility are an advantage in the current environment,” Chief Executive Todd Barlow said. Closing is slated for late June. The deal doesn’t need any conditions to be met or a Soul Patts shareholder vote.
S&P/ASX 200 finished down 0.9% at 8,828.70 on Friday, weighed by a 5.6% slide in BHP. That drop hit resource stocks across the board. Still, the benchmark rose roughly 0.3% for the week.
Charter Hall inched up 0.2% to A$23.27, while Dexus added 0.3% to A$5.82. So, listed property stocks didn’t move in step with Goodman’s drop. Friday’s action doesn’t say much yet—one day isn’t enough to decide if investors were reacting to the Brickworks deal.
Goodman’s digital-infrastructure build is still the group’s top strategic play. It now claims a 6.4-gigawatt global power portfolio, with 0.4 gigawatts under construction and 0.7 gigawatts stabilized.
The Brickworks assets don’t look like Goodman pulling back from data centres but strengthening its logistics base for that expansion. Older warehouses can bring in rent and fees while Goodman works on new projects where power upgrades, equipment and customer talks take years, not months.
Execution risk is up as the development book grows bigger and longer. Deals are taking longer to close, costs for building keep climbing, grid delays and higher interest rates could push up the amount of capital tied up before any rent comes in. Morningstar analyst Yingqi Tan said in May the “market is growing impatient, waiting to see execution.” Morningstar
Investors are set to track any updates on the expected late-June settlement next week and will be looking for more news on GAIP’s funding. Goodman will trade ex-distribution just after the week wraps, with the A$0.15 payment coming up. The stock goes ex-distribution on June 29, so only holders by the June 30 record date will qualify for the August 26 payment.
