Goodman Raises $2.6B to Fund Global Data Center ExpansionGoodman Raises $2.6B to Fund Global Data Center Expansion

Goodman Group plans to raise A$4 billion ($2.6 billion) to expand its global network of data centers as the AI gold rush accelerates.

In its Q4 2024 filings, released this week, the Australian real estate giant said it would raise the funds through a “fully underwritten institutional placement.”

“The net proceeds raised provide the group with greater financial flexibility to pursue a number of growth opportunities across Goodman’s logistics and data center operations,” the company said.

Global Developments

Goodman is Australia’s largest developer of industrial property. The company’s global portfolio is valued at more than $50 billion and includes logistics facilities, warehouses, and data centers.

With demand for digital infrastructure facilities surging, Goodman has put its weight behind new data center developments.

In January 2024, the company secured agreements to deliver up to 1,000 MW of power in Japan and has begun construction of a new 50 MW data center in Tsuen Wan in Hong Kong.

It also recently opened a new regional office in Singapore to support the growth of its data center business in the region.

Financial Snapshot

In the six months ending December 31, 2024, Goodman Group reported earnings of A$800 million ($511 million), reversing a loss from the first half of the year.

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“Goodman’s strategy of providing essential infrastructure for the digital economy – both through our logistics facilities and data centers – has set a strong foundation for the growth we expect to see by executing the global data center opportunity before us,” said CEO Greg Goodman.

More than 500 MW of new data center developments are expected to be underway by June 2026, the company said.