Australia's Goodman slips after abandoning plans on Sydney data centre development

Goodman

29/09/2026 03:34

** Shares of Goodman Group GMG.AX fall as much as 2.1% to A$25.75, their lowest level since September 22
** Stock posts its weakest intraday trading session since September 24
** GMG, Australia's biggest property company, on Monday abandoned plans to build a data centre metres from people's homes in the Sydney suburbs
** Company says it will withdraw development application for the A$1.2 billion ($841.92 million) 90-megawatt facility known as Project Mars
** Local residents in Lane Cove, where Goodman had intended to develop Project Mars, had opposed the plan of a data centre
** Stock set for second consecutive day of losses, if trends hold
** YTD, stock down 16.8%, including the day's moves

($1 = 1.4253 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))