The Update indicates that the Goodman Group [Goodman] continues to make progress across a range of opportunities including data centres which the company sees as supported by the long-term structural drivers of the digital economy.
Greg Goodman, Group CEO indicated the opportunity presented by data centres in a statement:
“ … Our development capabilities and financial capacity position the Group to capitalise on significant opportunities, including orienting the development workbook towards data centres and higher intensity use outcomes, with a number of additional starts expected in calendar 2025. The global demand for data centres has created an opportunity for the Group to service the need for powered infrastructure. We have continued to expand and secure our global power bank to meet this demand, and we’ve evolved our delivery capabilities to offer a range of options, which now include fully fitted facilities, with operational solutions.”-
As at 30 September 2024 the company had more than $12.8 billion of development work in progress across 74 projects. Data centres under construction represent approximately 42% of work in progress
Goodman indicates that its significant global footprint, proven track record and strong capital outlook has positioned the Group well as a long-term partner, to support the growing digital infrastructure requirements of its customers.
The company further reports that it continues to make strong progress on its organically led data centre strategy, including:
- Securing additional power and further progressing planning and infrastructure works across the power bank
- Providing a range of , options to its customers, from powered shell to fully fitted facilities with operational solutions
- Strengthening its integrated data centre platform with specialist people and resources across design, technical, operational and commercial teams
- Establishing long-term ownership structures with capital partners.
The Goodman Global power bank is stable at 5.0 GW, comprising 2.6 GW of secured power (up slightly) and 2.4 GW of power in advanced stages of procurement. Around 20% of the total power bank is in Australia and New Zealand.
In addition to the existing power bank, the company continues to review and identify properties across its existing industrial portfolio for potential data centre use. Substantial new starts are anticipated to commence in calendar 2025. Data centres are expected to represent an increasing proportion of both work in progress and the total property portfolio for the Group.
Commenting on the outlook, Greg Goodman said:
“ The demand for data centres continues to grow and the Group is well positioned to support this through our access to power on existing sites and proven track record in delivering complex infrastructure developments. We have further progressed our delivery capabilities to now include fully fitted facilities with turnkey solutions, which is being driven by customer requirements for operational assets. This aligns with the increasing amount of capital targeting investment in operational data centres.”
[Source: https://www.goodman.com/-/media/project/goodman/global/files/investor-centre/gmg-goodman-group/announcements/asx-announcements/2024/q1-fy25-operational-update_final.pdf]