Goodman Steadily De-Risking Data Center Pipeline

Dow Jones07:24

2322 GMT [Dow Jones]--Goodman's 1Q update marks a clear step forward in de-risking its data center pipeline, says Citi. The HKG09 site in Hong Kong is pre-leased. In August, the company signed a 20-year lease with a global hyperscale customer for the first 50 megawatt phase of the Tsukuba Tech Central data-center campus in Greater Tokyo. "HKG10 (50MW, advanced negotiations), Los Angeles LAX02 (advanced negotiations, full building), and Amsterdam AMS01 are the near-term watchpoints," analyst Howard Penny says. Citi adds that the medium- to long-term pipeline in Paris, Frankfurt and Sydney are tracking to plan. It had a buy call and A$40.00/share price target on Goodman ahead of the update. Goodman is down 1.0% at A$27.03 today.

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