Goodman Group (GMG.AX): Goodman Secures Strategic Industrial Land

Research evidence excerpt

Goodman Group (GMG.AX): Goodman Secures Strategic Industrial Land

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17 Jun 2026 23:17:44 ET │ 11 pages

Goodman Group (GMG.AX)

Goodman Secures Strategic Industrial Land

CITI’S TAKE

Soul Patts has agreed to divest Brickworks’ 50% stake in the Industrial JV

Buy Trust to Goodman Group entities (GAIP) for A$1.89b — a price consistent

Price (17 Jun 26 16:00) A$32.70 with property values at the time of the Brickworks-SOL combination,

anticipated to complete late June 2026. For Goodman, this is more than Target price A$40.00

an asset acquisition. The Brickworks Industrial JV sites — strategically Expected share price return 22.3%

located across Australia’s key logistics corridors — carry significantly Expected dividend yield 0.9%

higher power infrastructure relative to standard industrial land, making Expected total return 23.2%

them ideally suited for next-generation data-enabled logistics, high- Market Cap A$66,865M

throughput distribution, and increasingly, AI-adjacent warehouse

US$47,654M infrastructure. In our view, Goodman is effectively securing a premium

landbank that directly accelerates its already formidable development

pipeline. Goodman has a strong track record of converting land into high-

yielding developments and global AUM trajectory. Australian Real Estate Team

Howard PennyAC

Transaction Overview +61-2-8225-4819

howard.penny@citi.com

• Soul Patts (ASX: SOL) has entered a binding agreement to sell Brickworks’ 50%

interest in the Industrial JV Trust to Goodman Australia Industrial Partnership Suraj Nebhani, CFA

(GAIP) and Goodman Group entities for A$1.89b net proceeds. suraj.nebhani@citi.com

Akshit Batra • The agreed price is in line with property values at the time of the Brickworks-SOL

corporate combination. akshit.batra@citi.com