GIC in talks to invest in Goodman’s data centres: report

[SYDNEY] Singapore’s sovereign wealth fund GIC is considering a proposal to invest in data centre assets owned by Australian property firm Goodman Group, the Australian Financial Review (AFR) reported.

Dealmakers at GIC have in recent weeks discussed options with Goodman’s internal team over a potential investment in part of its data centre portfolio, the AFR reported, citing unidentified sources. The talks were at an early stage and no agreement has been reached, according to the report.

Spokespeople for GIC and for Goodman declined to comment.

Data centres are one of the hottest property plays at the moment around the world. Sydney-based Goodman has a market capitalisation of about A$69 billion (S$57 billion), and earlier this year tapped investors in a fundraising to develop its global network of data centres stretching from Sydney to Paris and Los Angeles.

Goodman shares edged 0.3 per cent higher as at 11.03 am in Sydney, while the broader S&P/ASX 200 Index dipped 0.3 per cent. BLOOMBERG