Goodman and Stack bring developer and private-capital models: Goodman is recycling capital through partnerships while Blue Owl explores a sale of Stack APAC
Goodman recycles capital through partnerships against a global power bank measured in gigawatts, while Blue Owl explores a sale of Stack's APAC platform. The developer and private-credit models set out in numbers.
Goodman Group (ASX:GMG)
- Global 'power bank': 5.0 GW (Jun 2025) to 6.4 GW across 16 cities (30 Jun 2026; 3.6 GW secured, 2.8 GW in advanced procurement).
- Data centres = 78% of A$19.7bn WIP at 30 Jun 2026, from 57% at FY25; forecast yield on cost 8.2%; ~0.5 GW of data centre projects underway, WIP up 53% in FY26 across 50 projects in 12 countries.
- FY26 operating profit A$2,674.5m, up 15.7%; total portfolio A$89.0bn at 30 Jun 2026, up 4%, with external assets under management a separate A$75.4bn, up 5% (Goodman's own terms); market cap ~A$52.6bn (retrieved 22 Sep 2026). AU: SYD01 (90 MW, commenced 1H26); 'Project Atlas' Eastern Creek (~500 MW, up to A$5bn).
Stack Infrastructure (Blue Owl)
- Formed 2019 by IPI Partners; Blue Owl completed the IPI acquisition 6 Jan 2025; Bloomberg (May 2026) reports Blue Owl exploring sale of Stack APAC at >US$30bn, a test of exit depth at peak.
Goodman's power bank, GW
Hyperscaler self-builds: the shadow competitors
| Player | AU position | Disclosure |
|---|---|---|
| Microsoft | A$25bn to end 2029; 29 locations; Truganina operating; Kemps Creek ~100 MW UC | Program-level only |
| AWS | A$20bn 2025-29; ~80 MW Eastern Creek (est.); offtake from 3 new solar farms | Site MW estimated |
| Melbourne/Sydney expansion | Not itemised, data gap | |
| OpenAI | A$7bn S7 MoU via NEXTDC | Non-binding MoU |
| Anthropic | Government MoU; negotiating capacity | Unconfirmed |
Announced Australian commitments, A$bn
The developer and private-credit models in numbers
Stack Australian capacity by campus, MW
| Item | Value ( MW) |
|---|---|
| Horsley Park (application) | 450 |
| MEL02 | 252 |
| MEL01 Truganina | 180 |
Stack Infrastructure: Australian portfolio
| Asset | Capacity | Detail |
|---|---|---|
| MEL01 Truganina | 180 MW | A+B operating; C+D topped out Nov 2025; A$1.3bn green loan |
| MEL02 | 252 MW | 300+ MW substation |
| SYD01 | n/d | Named in the AU portfolio; capacity not disclosed |
| Erskine Park | land | Land holding (A$142m) |
| Horsley Park | 450 MW | A$3.7bn application |
Competitive frame
Self-builds remove demand from the leased market at the top end while validating it everywhere else: every hyperscaler also leases. The net effect on third-party operators is positive so long as leased commitments (CDC 555 MW, NEXTDC 740 MW) keep clearing record sizes.
Sources
- Goodman FY26 (20 Aug 2026), 1H26 (18 Feb 2026) and FY25 (21 Aug 2025) results, portfolio and AUM lines retrieved 22 Sep 2026
- Baxtel, as at Jul 2026
- ITK, as at May 2026
- Kalkine, as at 10 Jun 2026
- CNBC, as at 23 Apr 2026
- ASPI, as at 3 Jun 2026
- EcoGPT, as at Apr 2026
- Certified Strategic, as at 1 Sep 2026
- RNZ, as at 6 Jul 2026
- Goodman FY26 (20 Aug 2026), 1H26 (18 Feb 2026) and FY25 (21 Aug 2025) results
Related
- Who are the largest data centre operators in Australia?
- What is data centre land worth in Australia?
- What have Australian data centres sold for?
- What yields and cap rates do Australian data centres trade at?
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