The Goodman family wealth has humble roots in the form of a Motueka bakery but its investments now span the globe.
The late Sir Patrick Goodman was a pioneer in New Zealand business, building up the Bakers family business to become the transtasman giant Goodman Fielder Wattie.
These days, the family oversees investments across a broad range of areas such as agriculture, property, private and public equity – with an increasing focus on emerging trends in technology and innovation.
This diversity has been underpinned by the family’s founding investment in international industrial property company, Goodman Group. This year the group surpassed mall operator Scentre Group to become Australia’s most valuable listed property trust, and one of the world’s biggest property companies.
When it listed on the ASX in 1995, it owned eight properties in Sydney worth $A75 million, and had a market capitalisation of $A40m. Its market capitalisation today is over $A27 billion, with more than 375 properties in 17 countries.
Its share price has been a strong performer, increasing by more than half this year, and more than doubling since 2016.
It currently has around 70 development projects under way around the world worth more than $A4b, and expects that to increase to $A5b next year.
Sir Patrick’s son, Greg, is now the chief executive of the company. He noted earlier this year demand was outstripping supply for urban logistics globally as companies continued to invest in the efficiency of their supply chains. “This is leading to consistently high occupancy, steady growth in rents and an increase in development work in progress.”
The group’s strategy is to focus on owning, developing and managing industrial property in key urban centres around the world. Major purchases so far this year include a 3.8ha site in London and two of the largest industrial estates in Los Angeles, taking its total assets under management close to $A50b.
In New Zealand, the company is listed on the NZX as Goodman Property Trust. Focussing on industrial property in Auckland, it has 10 properties worth more than $A2.6b, including 7ha in Otahuhu leased to Turners & Growers, and 13ha in Mt Roskill leased to Foodstuffs.
2018: $1.75 billion